Pay Your Bills Week takes place during the first week in February and this year, it takes place from February 5 to 11. With the economy the way it currently is, everyone is more on edge than they’ve been in a while about their financial situation. Paying bills is one of the things people worry about the most, which is why this holiday was put in place, to remind people to pay their bills in time and put systems in place to make sure the process is smooth, timely, and stress-free. There are numerous benefits to having systems in place, so set a date to sort out and pay your bills and stick to it. Make bill payment a habit that sticks to your monthly routine.
History of Pay Your Bills Week
People didn’t carry money around with them for most of human history, and they certainly didn’t use it to make purchases. Money began as a method of calculating credits and debits. Expensing, bar tabling, and even compound interest rates have been used since at least 3500 B.C.
The tally stick was a type of debt-calculating instrument that was used extensively in ancient times. It was just a piece of wood with notches cut into it to represent money that needed to be paid back to the bank. For both the creditor and the debtor to have the same record of debt, it was then divided in half. Because no two sticks ever broke in the same way, that system was quite resistant to fraud.
From ancient Mesopotamia, all the way to the present, interest-bearing loans have been a staple of human society. Poor farmers were frequently forced to borrow money from officials and merchants to supplement their incomes. Those who were in arrears would have their livestock and vines confiscated, and sometimes even their wives or children were taken away. Kings and rulers of the time would regularly declare amnesties to restore territory and individuals to their respective families. Payment methods have evolved with the advent of credit and debit systems, as well as with the arrival of online payments, mobile payments, and virtual currency — the latter of which completely transformed the way we conduct financial transactions today.
Pay Your Bills Week timeline
John Biggins, a Brooklyn banker, creates the Charge-It card, the world's first credit card.
Barclays in the United Kingdom releases the country’s first credit card.
The first debit card is given out.
Coca-Cola is credited as being the first company to accept mobile payments.
AfterPay, an Australian company, introduces ‘Buy Now, Pay Later’ to its customers.
Pay Your Bills Week FAQs
When is the best time to pay bills?
Pay the bills that are due before your next paycheck as soon as you receive them. Make arrangements with your creditors to have a few of your payment deadlines pushed back if you don’t have enough money in your account to pay all your bills by the time you get paid again.
How can I remember to pay my bills on time?
You can use apps to remind you to pay your bills on time.
What happens if you miss a bill payment?
There are consequences to not paying your payments on time. If you don’t pay your bills on time each month, you run the risk of accruing late fees, and/or having your credit score lowered.
Pay Your Bills Week Activities
You can use a folder to keep track of your bills, and when and how they should be paid. You can also use your computer to make the process even more of a breeze.
Track the changes
Regularly reviewing your bills can allow you to keep track of any increase or decrease in your spending. It’s important to track your changes
Set up a separate account
You can set up a separate bank account solely for your bills so you can transfer to that account as soon as you are paid. This will make payments easier.
5 Ways To Simplify Bill Payment
Track your bills and determine when they need to be paid
Do research and find out the best payment method for you to use.
Don’t stack your billing
If you have money problems, don’t ignore your bills or run away from them instead you can work out a plan to pay back in arrears or cut out any unnecessary bills you don’t need.
Stay on top of changes
Ensuring you’re aware of increases or decreases can help you to stay on top of payments.
An account that you use specifically for paying bills is advisable.
Why We Love Pay Your Bills Week
Once you have paid your bills for the month, you feel relieved. You’ll have the freedom to plan ways you can spend or save money for the rest of the month.
It encourages consistent payments
Bills are usually billed at a particular time of the month. You already know when the bill is going to come and you can add them to your budget or your financial planning for the month.
Paying your bills on time is a form of self-love. You can work out a system for you to pay your bills effectively and efficiently to save you time and money.
Pay Your Bills Week dates