No more late payments with money in the bank

Today during a coaching call, my client and I were speaking about Quicken, cashflow and how to make sure that bills were paid on time.

We had previously discussed how to record expenses and revenue in a way that made it possible to run a profit and loss statement easily, quickly, and frequently. That we had under control.

He mentioned that occasionally he was charged late fees on various credit card accounts when there was plenty of money in the bank to pay them. What to do??

We explored various ideas for having him not impact his credit by having (and paying) late payments.

I suggested a plan that I have used successfully for quite a while. Here it is. Put a repeating to-do in your electronic reminder system (mine is in my Palm) for about the 20th of the month to give you an alarm (reminder) to pay your bills.

I use this reminder to reconcile all credit cards and pay the amount owed. It is easy for me as weekly (every Monday morning) I post all receipts, checks written and income rec'd to Quicken. This takes me about 20-30 minutes.

This is time well spent. Saves your credit rating and eliminates those late fees.

If you don't do something like this, what system to you use to pay your bills? I would love to hear.

To your continued success,

Reg Gupton