3.2 Planning Bill Payments
Lesson Objective: Learn how to use the bill pay calendar to plan out payments
The Bill Pay Calendar
The calendar shows you the total amount of money due on each day for the next 31 days. As you add bills to the calendar, a box representing the bill will display on the appropriate day. If the bill is paid the box will be green, if it's not paid the box will be red. If you are tracking accounts, the worksheet will also tell you whether you have enough money available to pay all of your bills that are due on and up to your next pay date(s). Just like the "Account Balances" worksheet, information that you can enter is indicated with the grey ▼ symbol in the template.
First enter the start date for the calendar, any pay date for the year, and select your pay period. If you select weekly or bi-weekly your pay days will highlight on the calendar in blue. If you get paid at some other frequency, select custom. The calendar will not highlight pay dates in this case.
Next add a description for the bills, the billing day, and the amount. The next due date will automatically populate based on the billing day you provide and the start date of the calendar. Make a selection for the "Paid?" status of the bill, if you do not, the calendar will assume it is unpaid.
Do I Have Enough Money?
After you've entered all of your bills you can check the table at the bottom to see if you have enough money to pay all of your bills before the next pay date. You don't have to do anything, the information is just reported to you. However, if you selected the custom pay period above, you will need to add in your own pay dates in the provided column.
Remember the answer given is based on the amount of "Available Cash" determined from the accounts that you are tracking on the "Account Balances" worksheet.