A Better Way to Manage Your Everyday Money - Book - Page 84
For bills with payments that vary month-to-month, the aim is to "plan high and pay low."
Setting aside money for long-term savings is done in PerNetFlow by making regular
pseudo bill payments to savings or investment accounts. You can think of it as paying
yourself first. You use long-term savings to achieve your larger financial goals like buying
a house, having a comfortable retirement, or building generational wealth.
● Unscheduled bills - Either sporadic payment amounts and/or payment due dates on an
inconsistent schedule. In PerNetFlow you edit an unscheduled bill to enter the due date
and amount for payments as they become known. Examples include:
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Medical/dental care
Household services (plumbing, electrical, pest control, etc.)
Contractors
Auto expenses (service, tires, etc.)
Seasonal lawn care
Payment due dates
A payment due date for a bill is the date by which the payment
is to be received and completely processed by the payee. If the
company to which you are making a payment cannot process
your payment on or before your due date, your payment is
late.
The main reason for paying attention to payment due dates is
that late payments can result in being charged a late fee and/or
paying interest. In the case of credit cards, for example, when
a payment is one day late, in addition to a late fee, you will
also be charged interest on your total unpaid balance before
the payment amount is deducted.
Not paying your bills on or before the payment due date can cost you money.
Payment methods
There are many options for making bill payments. All of these payment methods are available in
PerNetFlow, including:
Check – You write a paper check, which draws from your checking account.
Online
Cash transfer – You transfer money from your checking account using an online money transfer
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