When it comes to handling money, some of us can't get enough advice. Even simple things like handling our monthly bills can be tricky. And if you've ever forgotten a payment or overdrawn that checking account you know what we mean.
Here are some common missteps to avoid when it comes to managing your monthly bills from the folks at iBankUP, an online banking service:
_ Don't trust the balance shown on your online or paper bank statement. Some of your transactions may not have processed yet. Your real balance is probably lower than what is shown.
_ Don't forget to pay your credit card balance in full. New regulations will not force card issuers to lower their rates. Recent legislation prevents certain types of changes in terms and conditions of cards but that doesn't take effect until February 2010. In the meantime, there are reports of card issuers jacking rakes up to 29.99 percent.
_ Don't miss the due date for paying your bills. The major credit reporting bureaus immediately report a late payment to lower your credit score. Unfortunately, they ignore your on time payments. Consider online bill payment as a solution.
_ Don't request checks when you could receive a direct deposit or bank transfer instead. Cashing a check can be a slow operation with a lag time for checks to clear your account. And, check-cashing locations charge hefty fees.
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