Designate a person in charge of the household's finances
This is an assignment that is most often implicit, since one person in every household usually undertakes this role. In this way the timely control of the household’s income and expenses is achieved, ensuring their optimal and sustainable management.
Make a list
Compiling into one list all the bills that need to be paid, preferably on a monthly basis (e.g. rent, electricity, water and telephone bills, loan instalments, after-school tutoring fees or gym subscriptions), allows you to have a clear picture of the money to be spent for each expense at any given time, so that you can pay obligations on time and avoid delays and the additional cost they entail.
Have a space where bills are kept
This can be either a physical one (for example, a box on the kitchen table or a bulletin board at the entrance of the house) or a digital one, such as a relevant folder on your PC. When all bills are kept in one place it’s easier to pay them on time before their due date expires.
Highlight the dates bills are due
The member of the household dealing with finances should note the due dates for all obligations in a calendar (physical or digital, with the option of notifications). Remembering due dates of obligations in advance gives you time to make any necessary arrangements for their timely payment.
Use technology
Technology is becoming an important ally in controlling your finances, with a variety of apps that can help in the smart management of fixed obligations now available on the market. Also, through standing orders account beneficiaries can automate the payment of their obligations, such as the cost of an insurance plan. However, transactions carried out through standing orders should be checked, as they require a sufficient balance in the account in order to be carried out smoothly.
Modern life, with long working hours and a flood of obligations, leaves little time free for managing finances, however necessary this may be in order to avoid unpleasant surprises. When we fail to pay bills on time, we face financial penalties, which may threaten our long-term financial well-being. So act smart!
Sources: Ministry of Economy and Finance, Athens News Agency: https://www.amna.gr/home/article/780237/K-Chatzidakis-Mono-beltioseis-fernei-to-ns-gia-kokkina-daneia