Monthly Expense Worksheet

How to Track Expenses for Stay at Home Moms

A monthly expense worksheet can be a valuable household budget planner tool for stay at home moms. Learn how to track expenses and stay on top of your finances.

Forgetting to pay bills on time can end up having some tough consequences, which is why it's a good idea to keep a monthly expense worksheet so you can keep track of bills and when they are due.

Learning how to track expenses is important so you can make sure you remember to pay bills and so you can ensure you get them paid on time. Here is a closer look at the importance of paying bills, some consequences you can face if you don't pay on time, and some methods you can use to ensure you get organized and get all those bills dealt with on time every month.

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The Importance of Paying Bills on Time

First, you may be wondering why it's so important that you pay your bills on time. Paying on time is important because it can help you to avoid many negative consequences. It's also an important part of a budget that many people fail to consider. Not paying on time can cause long term damage that is tough to recover from.

Paying on time is important to staying on track with your household budget planner as well. Once you pay one bill late, it causes a chain reaction that can sabotage your entire budget plan.

Developing a monthly bill organizer or a household budget planner tool for stay at home moms and learning how to track expenses is important.

It's also a statement of character; showing that you take care of your bills in a timely manner while being a stay at home mom - something that many people, including employers, take into consideration.

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Negative Consequences for Paying Bills on Time

Not keeping a monthly expense worksheet or a household budget planner and paying bills on time can end up being painful. When you have to keep paying for making bad decisions, it's tough to get on track. The following are several negative consequences you may encounter if you don't pay bills on time.

Late Fees
Companies can charge from $5 to $30, and in some cases higher amounts, if you don't pay on time. Basically this is interest on the money you owe them.

Reconnection Fees
Sometimes you can get hit with reconnection fees if a service is turned off and they have to turn it back on again. This can cost from about $20-35, depending on the company.

Credit Damage
Many companies report to credit agencies. Start paying late and you can quickly damage your credit, which can take a long time to repair.

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The Universal Default Clause

More than likely, you've never heard of the Universal Default Clause, but if you deviate from your monthly expense worksheet and begin paying your bills late, there's a good chance you'll feel the effects of this clause. This is a provision in many credit card agreements that allow the company to raise your credit card interest rates if you are 30 days late or later on payments - payments to anyone.

This means that if you get behind on an electric bill, your credit card company can raise your rates. This means that failing to pay your bills can get costly if your credit cards raise rates. Failing to pay on time can definitely become costly for stay at home moms.

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Easy Ways to Remember Paying Your Bills on Time

It's not always easy to pay bills on time. Sometimes money is tight and it's tough to make those payments without a monthly expense worksheet. Other times you simply forget because you're not organized. Having a good monthly expense worksheet or household budget planner tool for stay at home moms laid out for your budget can help. Check out some of the easy ways you can use to remember to pay bills on time.

Cut Back on Spending
Look at your budget, learn how to track expenses, and find out where you can make cuts. Freeing up more money can help you ensure you have the money to pay your bills on time.

Set Reminders
Today with all the technology available, it's easy to set up reminders. You can set alarms on cell phones or set up a calendar system within your email that will alert you a few days before a bill is due.

Organize
Sometimes simple organization can be the biggest help when you need to remember to pay bills. Setting up a system where you place bills that need in a certain place can help you keep track of bills, when they are due, and can help you ensure they are taken care of on time.

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How Online Bill Payment Works

Of course, online bill payment can be an excellent option if you have a tough time remembering to pay your bills on time. This can allow you to avoid dealing with paper bills and you can set everything up so the bills are paid automatically.

One option is to sign up with bill pay with your bank, which will send out money from your bank for bills that are paid on a regular basis. The other option is to use online bill pay with service providers. You can set it up so companies have your bank information or the information for a credit card and you authorize them to deduct the bill each month.

You won't have to remember to send out the money for bills. However, you will need to ensure the money is available when these deductions are made.

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Is a Pen and Paper System a Good Choice?

In some cases, a pen and paper system can work for you, especially if you're not a big fan of using technology to keep track of your bills. Setting up a monthly expense worksheet or household budge planner can be a big help. You can do this on paper to keep track of everything that you need to pay.

Marking due dates on your wall calendar can help you remember when each bill is due, and you can mark it off on the calendar when you pay the bill. If visual aids are helpful to you, a pen and paper system may provide great results for you while being a stay at home mom.

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Related Pages

Why Budget?

Organize Your Budget

Sample Personal Budget

The Envelope Budgeting System

What to Include in Your Budget

Mvelopes Budget System

YNAB- You Need a Budget Tool

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