Experiment #2: We Need Batches! (Day 4: Bills)

Given that I am a renter, I have relatively few bills to pay each month. The major utilities are in my roommate's name, because she is the homeowner. Still, having fewer bills can also mean that they are easier to ignore. By batching my finances, I can avoid missing important deadlines, and also keep my bank ledgers up to date.

Batch!

I am starting to batch financial tasks on the same day that I open mail: Monday evenings. This enables me to pay bills or schedule payments as soon as those bills arrive, rather than losing them in the paper shuffle. The bills go straight into my Unpaid Bills folder in my portable file box, as I am dealing with the rest of the mail. Then, I just have to carry the box upstairs to my computer and pay any bills that are due before the next finance check. After I finish paying the bills, I can update my bank ledgers. I use both an Android app (Loot) and a Mac program to import and manage financial information from my bank, but I have to confess that I have been extremely lax about using either one on a regular basis. Batching these tasks should keep me on top of things, from here on out. I'm considering Mint, because I have heard so many good things about it, and I need to start adding financial information from my retirement and TSA accounts. I have to get a new phone to replace my clunker, first. (Tmo G1, whose WiFi just kicked. I'm holding out for a month or two, to see which HTC goodies drop.)

Automate!

Most of my bill payments are already automated (car and renter's insurance, regular car payments, Netflix, Rhapsody, etc.). Perhaps it is an old hang-up from my post-collegiate, nine-month period of somewhat impoverished living, but I still haven't automated everything else. I can't automate my rent--I put my check on the refrigerator--but batching will take care of that. Even though I always have the funds, automating credit card payments makes me nervous, because I worry about missing deadlines when they decide to change the payment due date on a whim. For now, I'm going to batch this payment, too. The one thing that I could definitely still stand to automate is my monthly student loan payment. It is always due on the same date each month, and always for the same amount, so it's a no-brainer. It will take me all of two minutes to set this up.

Estimated time and money saved

Honestly, I don't anticipate saving any time, with this one. If anything, I'll be spending MORE time on keeping my finances up to date. I will, however, likely save money by being more aware of my budget and avoiding late fees on bill payments. I could save anywhere between $0-$200 each month through regular budgeting, alone.