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1 February 2018

Time To Tackle The Dreaded Drawer


We all have that one drawer we never think about. We seal it under lock and key and make every effort to forget it exists. That’s right; we’re talking about the unpaid bill drawer. As incredible as it is being a homeowner, it’s also fair to say that it’s a pretty costly undertaking. On top of which, you then face a wealth of bills which you can’t always afford to pay. Which is why we get into the unhealthy habit of hiding them in a drawer and hoping they’ll go away.

Sorry to spoil things, but bills don’t go away. In fact, they get larger as time goes by. So, you need to unlock the dreaded drawer and get to work clearing it. To help you, we’ve put together a few pointers.

Put all your bills in order

If you’ve left this situation unchecked, there’s a chance you have no idea which bills you’ve been ignoring. In most instance, you will have also received multiple notifications about first task should be to each. Companies do get quite insistent when you ignore them. As such, your organise those bills where possible. Work out which are duplicates and put them together. Work out, too, which ones have been outstanding for longest. You’ll need to pay those off first, so they should be top of your priorities. But, you also need to know what other bills need paying, and which dates you need to pay them by. So, go through each, and put it in its place. It may help to take notes as you do this. That way, you won’t need to rifle through the pile each time you want to refresh your memory.

Work out a repayment plan

This is the hardest part of all. You need to work out a repayment plan, and you probably need to do it pretty sharpish. If a particular bill has been outstanding for a long time, the company will want payment as soon as possible. In that instance, you may need to opt for something like a micro loan to see you through. This isn’t ideal, as it transfers your debts. But, the small size of such loans means that you can pay them back in a short space of time. For newer bills, you may be able to reach an agreement with the company in question. They want your money, after all. If that means taking a set amount for the next few months, then so be it.

Put a plan in place

Once you’ve tackled the bulk of those bills, it’s essential you plan how to stop this happening again. It’s not an ideal situation, so you need to avoid it if you can. You can do this by setting aside money when you get paid, and also by keeping track of your monthly expenses. It’s also worth bearing in mind that bills are generally higher in winter. So, it might be worth setting aside a little extra to cover that eventuality.    
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