There are two worksheets included in this document: This way you can continue using this Excel payment tracker year after year. You can quickly change the year when you edit this template. Rather, it’s a way to help you budget your payments and meet your financial goals. It’s important to note that this payment tracker is not an amortization table. If you don’t prepare for this expense, the company could draft your bank account when you don’t have enough funds in the account and cause an overdraft fee.Do you wish you had a simple way to track your monthly payments? Are you tired of forgetting about bills and incurring late fees and penalties? This payment schedule template in Excel will help you pay your bills on time.
When annual subscriptions auto-renew, you give the company or retailer permission to automatically charge your credit card or draft funds from your bank account on the next payment due date. Since you don’t think about these bills on a regular basis, you might fail to remember the next due date, especially if you don’t receive a reminder. Even if you’re an organized person with an outstanding memory and a knack for writing everything on the calendar, annual expenses can catch you off guard. If you have subscriptions or services that renew once a year, don’t set up automatic payments for these expenses. Read More: Reasons You’re Still Living Paycheck to Paycheck That means you might not catch billing errors and will pay more than necessary. Since autopay is a hands-off approach to paying bills, you’re also less likely to inspect your cellphone bill after setting up automatic payments. That doesn’t guarantee a consistent payment date each month, and you could be caught off guard - and out of funds - if a payment posts when you weren’t expecting it. While you might have a set date - say the 15 th - others have a monthly cycle that varies depending on the number of days the month. Some cellphone plans also don’t have the same billing date each month. And if you forget to read your cellphone statement in months that you owe more than usual, the extra funds taken from your bank account could trigger an overdraft and bank fees. The problem, however, is that the amount you owe can change from month to month, depending on data usage. There’s also the option of setting up automatic payments for a non-unlimited cellphone plan. If you have an unlimited cellphone plan and your bill never varies, autopay is a time-saving strategy for managing payments.
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