Sunday, December 2, 2012

How To Set Up A "House Account" Guest post by Krystal Taylor

The following is a guest post by Krystal Taylor, my good friend and “Super Mom” of three...
Here is one of her life saving tips that she uses to balance work , money matters, and home life.

Oops, I forgot to pay the bills!!

Yes, I have done this many many times! Thankfully we still have good credit, lol! Anyway, I have since changed that! Here is my plan…..and it has worked miracles for me! One less thing I have to worry about!  This works easiest if you have direct deposit.

1.       Open a separate bank account (at the same bank you already bank at). It is always nice to wait for those coupons they send- the ones where you get $100.00 for free just for opening an account! Chase does them, not sure where else does.

2.       Figure out all of your bills for the month.

3.       Divide those bills by how many times you are paid per month (ex: we are paid twice per month. Say your bills are $3,000 per month your total will be $1,500…etc.

4.       Have that $1,500 AUTOMATICALLY transferred into that other account (we labeled ours "house account") at every pay period.

5.       Set up as many things as you can on auto bill pay.


7.       Every month your bills will automatically come out of your “other” account. The money will already be there because it was AUTOMATICALLY transferred!
8.       Honestly, you have no idea how much time, stress, and phone calls this has saved me, not to mention money….because my bills are being paid on time!
- Make sure to load the account with the full amount for the first month to avoid any overdraft fees!
- Remember to read the fine print! Make sure the new account you are adding does not have any additional fees.
- Is it too late? Need to talk your way out of a late fee? Here's how to talk your way out of any late fee!
- For an easy way to build your credit and earn rewards from your credit card, stack Krystal's idea with the credit building idea to see the most rewards while still saving you a ton of time!

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