I like to pay my bills. That statement alone typically results in some odd stares. But it’s true. To me it’s simply proof that I’m on top of things. It also keeps my credit score high, but that’s a secondary benefit. Keep in mind that I don’t like receiving bills in the mail any more than the next person. I know they’re coming, that I (generally) owe the indicated amount, and I receive personal satisfaction paying them on time, every time.
Based on that introduction you may have guessed that I’m also a bit obsessive with the associated paperwork trail. I use a double-entry system for tracking payment . There is the old-fashioned checkbook register, as well as an Excel-based table for automatic balance calculation. Actually, it’s a triple-entry system if you include my online checking account, from which the vast majority of bill payments are distributed. Admittedly it is more work, but I have full visibility into incoming bills, the ability to verify amounts owed, and control over when payments are sent out, etc. (more…)