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Online Bill Pay Create a Budget! Exercise - Tracking Your Spending Patterns

To be competitive, banks and credit unions all have You can do it on paper, but there is Revisit the budget you created in Pamphlet F1- How Money Works. List the amount you spent on each item
online bill management features on their websites. some really good personal finance this month, and then make a note of how you paid the bill. Did you write a check, use e-pay by phone,
They look different and have different options, but software available for your computer. pay cash, use online bill pay, or use your debit card? Did you use a credit card to pay for a purchase? Did
they let you: you transfer funds from one account to another to cover a bill? Did you have to pay in person at the last
Programs like Quicken®, Ace Money®, and minute because you were running close on funds? Did you borrow out of your savings to make a payment?
„ automatically pay bills from your checking YNAB®, are great for automating your budget Track your spending patterns and look at your budget from a different perspective.
account - schedule bills to be paid on certain and helping you track bill payments. These
days programs will help you:

„ schedule one-time payments or recurring „ interface with your bank accounts online - Budget Item Amount Spent How I Paid the Bill
payments automatically download bank transactions Fixed Costs: (The same each month)

„ view online statements - you can see the to the software Rent or Mortgage
transactions that have hit your account, or check „ do budgeting and bill tracking Phone
your balance Cable
„ schedule bill pays and get reminders on
„ transfer between checking, savings, and credit your computer. Insurance (home)
cards within the same bank Insurance (health)
„ automatically receive payments Insurance (auto)
and direct payroll deposits Physical Checks Child Care
e-Checks Fewer paper checks are being written these days Car Payment
with more people using online bill pay and e-checks. Debt Payment (credit cards, etc.)
When you pay a bill by phone or the internet you It is much easier to swipe your debit card at the
may have a choice of paying it by credit card, debit checkout lane then to stop and write a check. You
card, or a direct draw out of your account, called generally have to show a driver’s license and give Variable Costs: (Different each month)
an electronic check. If you choose to pay with an them your phone number when your write a check Food
automatic draw from your account, the biller will in a store. They will run the check through a check Gas
ask you for: Electric
verification system, and they may electronically
„ the bank’s routing number (A) process the funds and hand back the cancelled Water
„ your checking account number (B) check for your records. Paper checks are often used Household Supplies (cleaners, etc.)

„ a check number (optional) (C) when you are paying a bill through the mail. Clothing
Public Transportation
„ the date you want it to draw out of the account. Repairs and Maintenance

The routing number is the first number on the Entertainment
bottom of your check. The second number is your Savings (Don’t forget to pay yourself!)
account number. When the transaction is complete, Other (presents, stamps, etc.)
you will get a confirmation number. Write that down
or print a copy of it for your records as proof of
payment. Total: