Simplify Your Return from Vacation

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Success of the Month: A simple bill payment system eliminates stress and late fees

The Situation:  Adam, a recent college graduate, was overwhelmed by the financial responsibilities that came with living on his own. From car payments to insurance bills, utility bills, student loan payments, and rent, he couldn't believe the number of checks he had to write each month. He resented spending hours sorting through bills and receipts and had trouble juggling the timing of his paychecks with the bills' due-dates. He'd wait until the last minute to pay bills and sometimes incurred late fees and penalties as a result.

The Solution: I helped Adam set up a bill-payment basket to collect his bills and receipts in one place. We identified all his creditors and the due dates of his bills. Together, we contacted some creditors to move their due dates, so they would better coincide with his paydays. We set up the majority of his bills for electronic payment and established a reminder system to make sure Adam would address this task on time. We determined how long Adam needed to keep paper bills and statements and set up a filing system. He emailed me once a week for two months to report on his progress and to help hold him accountable for maintaining the system.
  

The Outcome: Adam is now paying his bills on time. He told me, "At first, it was a challenge to follow the new process, but the weekly check-ins were a great reminder to follow the system. I hardly have to think about it anymore - it's now a habit. It's such a relief not to worry about which bill is due and where can I find it. And I sure don't miss paying those late fees! Having a system in place has freed up so much time. It's easy for me to pay my bills and get on with my life."