1 00:00:00,000 --> 00:00:02,789 Ralph: Do unpaid bills bills, pile up on your kitchen table? 2 00:00:03,089 --> 00:00:06,209 Do you dread opening envelopes marked past due? 3 00:00:06,569 --> 00:00:08,039 My friend, you're not alone. 4 00:00:08,369 --> 00:00:11,610 This particular topic has often caused stress in my marriage. 5 00:00:11,790 --> 00:00:21,720 And later in the show, I'll tell you about how I was finally able to not only solve my bill paying procrastination, but also build trust wife my wife and we all need to do that. 6 00:00:22,049 --> 00:00:26,369 Procrastination sinks, many good intentions when it comes to our finances. 7 00:00:26,699 --> 00:00:30,330 Today, we'll explore practical ways to stop procrastinating. 8 00:00:30,659 --> 00:00:33,120 And start managing bills effectively. 9 00:00:34,900 --> 00:00:54,000 Intro: Welcome to the Ask Ralph Podcast, where listening to an experienced financial professional with over 30 years of experience can help you make sense of confusing questions, current headlines, and industry trends about taxes, small business, financial decision making, investment strategies, and even the art of proper budgeting. 10 00:00:54,300 --> 00:01:01,090 Ask Ralph makes the complex simple by sharing his real world knowledge from a Christian perspective with all things financial. 11 00:01:01,330 --> 00:01:03,879 Now here's your host, Ralph Estep Jr. 12 00:01:05,459 --> 00:01:07,229 Ralph: Welcome to our wacky Wednesday show. 13 00:01:07,229 --> 00:01:08,789 I'm so glad you chose to join us. 14 00:01:09,059 --> 00:01:12,179 I just want to thank you for listening and supporting the program. 15 00:01:12,509 --> 00:01:26,279 I'm coming to you from the Estep Farm at the Saggio Accounting studio . Let me put on my podcaster hat and put down those overalls and push that adding machine to the side and let's get into some practical wisdom from a Christian perspective. 16 00:01:26,669 --> 00:01:29,549 Don't forget to subscribe to the show and join our email list. 17 00:01:29,729 --> 00:01:33,749 You do that at askralphpodcast.com . So you don't miss tomorrow. 18 00:01:33,749 --> 00:01:35,399 Show our tax talk. 19 00:01:35,429 --> 00:01:41,609 Thursday show is going to cover the basics of Roth IRAs and the benefit of those retirement plans. 20 00:01:41,879 --> 00:01:47,159 If you didn't know this, William Roth was a Senator from Delaware and he's the one who actually invented these. 21 00:01:47,369 --> 00:01:49,109 So you don't want to miss tomorrow show. 22 00:01:49,990 --> 00:01:51,879 Let's start with today's Bible verse. 23 00:01:51,999 --> 00:01:58,989 The Bible reminds us in Proverbs chapter 27, verse 23, to be sure you knew the condition of your flocks. 24 00:01:59,349 --> 00:02:01,929 Give careful attention to your herds. 25 00:02:02,379 --> 00:02:02,979 Listen folks. 26 00:02:03,009 --> 00:02:04,599 I know a few things about herds. 27 00:02:05,079 --> 00:02:05,739 Here on the farm. 28 00:02:05,739 --> 00:02:08,199 I oversee a herd of black Angus cows. 29 00:02:08,349 --> 00:02:14,619 So I talk about taking off those overalls, actually have a working black Angus farm. 30 00:02:14,950 --> 00:02:19,060 They're having a great time right now being unleashed on those lush green pastures a few days ago. 31 00:02:19,599 --> 00:02:22,599 While this verse refers to shepherding literal livestock. 32 00:02:22,899 --> 00:02:27,250 The principle applies to stewarding all the Lord blesses us with including our finances. 33 00:02:27,519 --> 00:02:29,049 We have to be diligent. 34 00:02:29,350 --> 00:02:31,690 And work after the stewardship. 35 00:02:32,023 --> 00:02:37,089 Today's topic is near and dear to my heart, a procrastinator's guide to bill paying. 36 00:02:37,149 --> 00:02:41,439 I know that sounds kind of funny, but I'm going to give you concrete steps. 37 00:02:41,439 --> 00:02:44,589 You can take to finally manage this in your life. 38 00:02:44,829 --> 00:02:49,539 I spent years putting off tasks and falling behind with obligations, stress piled. 39 00:02:49,539 --> 00:02:50,949 While my credit score plummeted. 40 00:02:51,219 --> 00:02:52,239 But with God's help. 41 00:02:52,269 --> 00:02:56,019 I now stay on top of commitments and I enjoy peace of mind. 42 00:02:56,349 --> 00:03:00,969 I am thrilled to pass on lessons learned to help anyone stuck in chronic lateness. 43 00:03:01,179 --> 00:03:03,249 So without further ado, let's get started. 44 00:03:03,459 --> 00:03:09,429 First and foremost, you got to face the music folks make a list of all of your outstanding bills. 45 00:03:09,729 --> 00:03:22,539 Every single one that needs to be every single credit card, every single medical payment, every single utility, every single subscription service and every single loan you can't hide anything. 46 00:03:22,689 --> 00:03:24,279 You're not fooling anybody, but yourself. 47 00:03:24,669 --> 00:03:27,489 This clear picture is vital for the next steps. 48 00:03:27,819 --> 00:03:32,499 The next thing you want to do is prioritize your debts and start attacking the highest interest rates. 49 00:03:32,499 --> 00:03:36,999 First, through what many people call debt, snowball, or debt avalanche method. 50 00:03:37,329 --> 00:03:43,719 I personally eliminated $15,000 in just 11 months this way, while I was building momentum. 51 00:03:43,989 --> 00:03:49,179 Now not everybody will be able to see those immediate results, but all of us can make a huge impact. 52 00:03:49,359 --> 00:03:54,009 Even when we start small, the key is to put this into action and. 53 00:03:54,039 --> 00:03:54,879 Get started. 54 00:03:55,359 --> 00:04:01,719 Get organized, designate one place to store bills and scheduled time every week to sort your mail. 55 00:04:02,019 --> 00:04:05,349 I devote Sunday afternoons here in my practice to administration. 56 00:04:05,589 --> 00:04:07,869 So I start each week proactively. 57 00:04:08,079 --> 00:04:09,009 I know what's ahead. 58 00:04:09,009 --> 00:04:12,519 I know what my schedule looks like as far as bill payments for the week ahead. 59 00:04:12,849 --> 00:04:14,469 Another thing you must do. 60 00:04:14,949 --> 00:04:20,319 Leverage technology by setting up automatic payments or email reminders through vendor sites. 61 00:04:20,349 --> 00:04:22,569 Listen, folks, these vendors want to get paid. 62 00:04:22,750 --> 00:04:29,469 They have developed technology to remind you, for example, my mortgage company texts me seven days before their debit. 63 00:04:29,559 --> 00:04:31,299 Now I have it set up for automatic payment. 64 00:04:31,599 --> 00:04:34,719 You got to customize dates to align with your pay schedule. 65 00:04:34,959 --> 00:04:36,159 This is crucial. 66 00:04:36,400 --> 00:04:37,689 You have to create a roadmap. 67 00:04:37,689 --> 00:04:38,980 So you know where you're going. 68 00:04:39,250 --> 00:04:44,050 You're never going to reach your intended destination Without a clear plan to get there. 69 00:04:44,050 --> 00:04:45,460 Folks, that's just the truth. 70 00:04:45,760 --> 00:04:47,680 Here's something a lot of people overlook. 71 00:04:47,830 --> 00:04:51,760 You've got to review your bank and credit card statements thoroughly each month. 72 00:04:51,940 --> 00:04:53,740 Don't just scan them for the total. 73 00:04:54,010 --> 00:04:57,820 Read them line by line for unfamiliar charges or fees you can dispute. 74 00:04:58,060 --> 00:04:59,320 I remember I once found it. 75 00:04:59,650 --> 00:05:00,520 Gym membership. 76 00:05:00,520 --> 00:05:03,430 I canceled six months prior, that was still being charged. 77 00:05:03,730 --> 00:05:07,960 You will be shocked at how many of my clients and friends don't even look at their statements. 78 00:05:08,260 --> 00:05:13,150 I actually advise using some sort of online tracking accounting system to handle that task. 79 00:05:13,360 --> 00:05:15,940 I did a show a few weeks back on that very top of remember. 80 00:05:16,420 --> 00:05:19,270 I always say this, what gets measured gets done. 81 00:05:19,270 --> 00:05:20,590 And we'll talk about that in a few minutes. 82 00:05:21,040 --> 00:05:23,680 And here's the thing set up a payment calendar. 83 00:05:23,980 --> 00:05:33,540 That alerts you on your phone or whatever else you use to pay your bills on specific dates, to that attach notes, tallying average cost for budgeting purposes. 84 00:05:33,960 --> 00:05:36,180 The key, as I've said is having a budget. 85 00:05:36,420 --> 00:05:37,680 It's your roadmap. 86 00:05:38,160 --> 00:05:43,470 And then putting together a schedule to help you get to where you need to go with that roadmap. 87 00:05:43,770 --> 00:05:49,110 If you simply hate logging into so many websites, try a personal financial app like mint. 88 00:05:49,560 --> 00:05:52,890 Or every dollar that aggregates everything in one dashboard. 89 00:05:52,920 --> 00:05:55,950 Now, listen, folks, just be sure to double check it for accuracy. 90 00:05:56,160 --> 00:06:05,113 Not only do these apps help you stay organized, they'll also allow you to quickly spot trends, which is very important and allow you to make necessary adjustments along the way. 91 00:06:05,113 --> 00:06:07,141 A , budget is not in concrete. 92 00:06:07,141 --> 00:06:09,481 You're going to need to adjust this because things happen. 93 00:06:09,961 --> 00:06:13,141 Pay down balances as often as possible. 94 00:06:13,261 --> 00:06:21,001 So interest doesn't compound, I personally send extra mortgage principal payments on paydays before that money burns a hole in my pocket. 95 00:06:21,331 --> 00:06:25,501 I did a podcast about a month ago on this very topic, ways to pay down your mortgage. 96 00:06:25,501 --> 00:06:26,821 And you're going to want to check that out. 97 00:06:27,271 --> 00:06:29,101 Here's another thing you must do. 98 00:06:29,311 --> 00:06:33,181 You've got to build an emergency fund with at least three months of living expenses. 99 00:06:33,391 --> 00:06:37,141 So unexpected crisises don't derail your bill paying rhythms. 100 00:06:37,171 --> 00:06:38,161 It's a rhythm folks. 101 00:06:38,521 --> 00:06:40,861 The peace of mind is invaluable. 102 00:06:41,071 --> 00:06:43,771 It will also prevent you from having to add debt to your budget. 103 00:06:44,071 --> 00:06:46,981 And undo what you've worked so hard to accomplish. 104 00:06:47,341 --> 00:06:53,911 Another thing you could consider are reward credit cards that offer cash back or points on household utilities and services. 105 00:06:54,121 --> 00:06:55,201 Now here's the key to this. 106 00:06:55,441 --> 00:07:04,921 You just got to make sure you pay that statement balance in full, for example, I put my cell phone gas and groceries on a 2% back return card. 107 00:07:05,161 --> 00:07:13,201 You just have to absolutely make sure you maintain the discipline to pay off that balance each and every month, or you end up losing money instead of gaining it. 108 00:07:13,231 --> 00:07:15,361 Unfortunately, I've seen that happen many times. 109 00:07:15,751 --> 00:07:16,921 Here's another thing you can do. 110 00:07:17,221 --> 00:07:20,821 Call providers to negotiate better rates if facing financial hardship. 111 00:07:21,121 --> 00:07:29,161 Be honest with them about your struggles and ask them politely for discount programs or deferred payment plans until you get back on your feet. 112 00:07:29,431 --> 00:07:32,011 The truth is most want to retain customers. 113 00:07:32,191 --> 00:07:39,241 And from my personal experience, cause have actually done this most are generally eager to help you as they want to retain a loyal customer. 114 00:07:39,541 --> 00:07:47,071 A lot of them have departments just for that sole purpose, customer loyalty and customer retention, but you have to be willing to ask. 115 00:07:47,701 --> 00:07:52,111 So let's do a bit of a recap friends with some effort on organization and awareness. 116 00:07:52,111 --> 00:07:54,511 Bill paying doesn't have to be a source of stress. 117 00:07:54,931 --> 00:07:57,691 Tackle those paper piles and log in to auto-pay. 118 00:07:58,171 --> 00:08:05,491 Seek tools to consolidate information in one place and set alerts to stay on track as always lean on the Lord for help. 119 00:08:05,491 --> 00:08:07,711 He promises to guide those who acknowledge him. 120 00:08:07,891 --> 00:08:08,941 He will help you. 121 00:08:09,361 --> 00:08:12,511 So at the beginning, I promised to address my struggles earlier in the show. 122 00:08:12,871 --> 00:08:16,291 The truth is I dreaded paying bills and spending my hard earned money. 123 00:08:16,651 --> 00:08:22,921 I would offer incur interest and late fees, and it caused a ton of stress, not only with me, but also with my wife. 124 00:08:23,071 --> 00:08:28,081 She would see those collection and billing notices and asked Ralph why in the world did you not pay this? 125 00:08:28,201 --> 00:08:29,641 You have the money in the account. 126 00:08:30,061 --> 00:08:31,441 Unfortunately folks, she was right. 127 00:08:31,951 --> 00:08:32,971 As she usually is. 128 00:08:33,211 --> 00:08:37,471 And when I finally was able to acknowledge this, I was finally able to overcome. 129 00:08:37,771 --> 00:08:41,581 And the apprehension and I slew the dragon of those bills and guess what? 130 00:08:41,851 --> 00:08:52,111 My marriage grew in trust because my wife knew she could count on me to be the financial leader of the house And she could rest assured knowing that her and my boys were financially secure. 131 00:08:52,381 --> 00:08:57,721 Oh, what a feeling that was you too can have this assurance by implementing the tasks we discussed today. 132 00:08:58,321 --> 00:09:03,241 Visit askralphpodcast.com for more financial tips, plus subscribe to our email list. 133 00:09:03,241 --> 00:09:07,951 You do that right from our website while you're there, please rate and review the show and do me a favor. 134 00:09:08,131 --> 00:09:09,121 Share this episode. 135 00:09:09,121 --> 00:09:14,311 If you found it useful, Let's walk in freedom together by overcoming procrastination. 136 00:09:14,311 --> 00:09:16,771 It steals our peace and our prosperity. 137 00:09:16,771 --> 00:09:20,881 And as I always say, stay financially savvy, and God bless you. 138 00:09:20,881 --> 00:09:21,365 Abundantly. 139 00:09:23,065 --> 00:09:25,915 Outro: Thank you for joining us on the AskRalph podcast. 140 00:09:26,045 --> 00:09:29,685 And with a simple click to subscribe, we'll invite you back to our next episode. 141 00:09:29,865 --> 00:09:32,935 And remember, financial issues don't have to be complicated. 142 00:09:33,235 --> 00:09:34,275 Just AskRalph. 143 00:09:34,695 --> 00:09:40,305 The information contained in this episode of AskRalph is based on data available as of the date of its release. 144 00:09:40,365 --> 00:09:43,275 Saggio Accounting Plus and AskRalph Media Inc. 145 00:09:43,435 --> 00:09:46,785 is under no obligation to update this content if changes occur. 146 00:09:46,875 --> 00:09:57,525 Applying this information to your specific situation requires careful consideration of all facts and circumstances, and any information provided is not to be considered as financial, tax, or legal advice. 147 00:09:57,665 --> 00:10:01,615 Please consult your tax advisor or attorney before acting on any material covered.