My memory isn’t what it used to be and I can’t rely on it to make sure I receive and pay bills, particularly annual bills. Thanks to YNAB and my annual targets, though, I notice when expected bills aren’t received. At the beginning or end of every month I scan the available money in my categories and try to take notice when that money is higher than expected. (This isn’t a formal checklist; it’s more of a gut thing.) It’s also a great time to make sure my targets are set properly.
If I have doubts about whether I’ve paid a bill, YNAB can easily tell me, either in the spending plan or on the account screen. Between the targets and the tracking of spending, as long as I’m paying attention I won’t miss a bill, even if there’s been some sort of glitch.
Case in point: My city business license. I typically receive a paper bill from the city in March that’s due on June 1. On Friday, May 30, it hit me that I didn’t remember paying it (or receiving the bill). I checked YNAB and sure enough the money was available but it hadn’t been spent. I was able to call and get the code number I needed to pay my bill online. I caught it in the nick of time and avoided a penalty for paying late. Phew.
This is one of many YNAB benefits that keep my financial life running smoothly (and my credit score high)!
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