More For Your Money - University of Illinois Extension

Know Your Bills

Bills, bills, bills!  Some days it seems like all we get in the mail are bills.  They can be so overwhelming that we ignore them, hide them, and even destroy them.  But, bills just don’t go away.  The best thing to do with bills is to take charge of them!

To control something, you have to know everything about it.  That’s the way it is with bills too.  You need to know everything about your bills so you can make a plan for paying them.

Step 1

Using the Know Your Bills form, make a list of all your bills.  Include regular monthly expenses like rent and utilities, credit card bills, and any other debt.  Add other bills that aren’t monthly like car insurance.  Fill out the information as best you can.  You may need to check loan papers and bills to get all the information. 

Step 2

If your bills are overdue, fill out the Overdue Bills form. When finished, you’ll have a list of all the bills you need to pay. 

These activities can be printed and completed by hand, or can be completed online.

Bills are debts that you’re required to pay.  Pay your bills first and then you can pay other expenses such as food, clothing, and entertainment.

Check to make sure that all of your bills are listed in the Income and Expenses Summary. This will help you to understand when each bill is due and how it fits in with other expenses you have.

It’s important to pay your bills on time.  The calendar of payments will help you get this done.