Today I am sharing one of my most favorite printables to date! I am surprised it so high on my list, but it is just so useful I cannot help but love it!
So far we have talked about figuring out all of your debts – and how to use the worksheets in the Soon to be debt free workbook. Today we are going to chat about actually sitting down and paying your bills. I know, fun right!?
After filling out all of the pages in your workbook, you should know every single debt that you have – when the debt is due – and what the minimum payment should be. Once you have all that it is easy to get your bills paid, on time and in full every month.
Here is how I do it. I only have one bill that is automatically deducted from our account. It is a small student loan through my former college that offered 0% interest on the remainder of the loan if I agreed to setting up automatic payment, I said Heck Yeah! Otherwise, all of our other bills are paid by me sitting down at the computer with my workbook in hand. Twice a month (the day after payday) I sit down and pay the bills. To see why I pay our bills twice a month go HERE and scroll down to Paycheck Budgeting.
However, since I have to start actually budgeting for our “other” expenses I created the worksheet for me to fill out every two weeks. It has been a great reminder that 1) I have a grocery budget now 2) we have debt that is the priority now. I no longer have the freedom to run to the grocery store and spend whatever I’d like. If I keep doing that we will have these loans on our hands for the next 24+ years!
So here is the Bill Pay Worksheet!
It is really straight forward:
- In the top right hand corner write the date you are sitting down to pay the bills. In the top left I always right a number 1 or a number 2 just as a quick reference to what paycheck I am on.
- I log into our bank account and double check our available balance – then write that down
- Flip to your Checkbook Register in the workbook and make sure you do not have any outstanding checks that have not yet cleared your account. IF you have any write the total amount on the first line (left hand side)
- I pay all of our bills. Listing the company and the amount on the left
- Total the whole amount of your expenses
- Subtract that from your starting checking account balance and you are left with your Leftover Amount
- I then work down the right hand side of the worksheet
- Having worked for Jordan Page the Fun Cheap or Free Queen I have learned A LOT about saving at the grocery store – and setting a budget. I recommend taking a look at her blog if you have any grocery (or really ANY frugal) related questions! So I know that we have a budget of $100.00 per person per month. It is not easy but that is my goal. My weekly budget goes on the first line (right side column)
- I budget out our gas from the day of bill pay to Scott’s next paycheck
- I add in our snowball amount towards additional student loan payments
- How much is going into savings? This includes the $25.00 a week for a year savings.
- There are two lines for “other” Maybe you have your child’s birthday party coming up that you need to save or buy for or maybe you need to pay for new tires for your car next week, etc
- Then lastly, we have our Ending Checking Account Balance.
Typing it all out it seems like there are a lot of steps, BUT after doing it just a few times it becomes second nature. PLUS it is a great reference for you and your spouse. Without this worksheet Scott would have no clue how much money we have available, or where the heck all of our money is going. It really helps avoid arguments, and misunderstandings.
I would love to hear how this works for you if you use it! I have printed off 26 of these (Using the fast draft option on my printer) and have them right in the back of my workbook. They are easy to access and easy to reference!! I hope they help your family as much as they are helping mine!!
Make sure you see the other Budget Workbooks I’ve created.
Bill Pay Workbook *This Post!*
You can find the other parts of this series below: