Here is what would happen if I only touched my credit card bill once.
- Pick up bill from post office.
- Immediately run to home office (do not stop to take off boots & coat).
- Turn on computer, login to online banking.
- Pay bill (if sufficient funds are not available, then take overdraft loan).
- Put bill through shredder (even if I may need it later for tax reasons)
In effect, by touching the bill only once, I’ve made more work for myself. I have to clean the floor because I didn’t put the bill down and take my boots off, I have to pay interest on the overdraft loan and I may need to request the bill from again should I need a copy to do my income taxes.
Here is how my bill paying process REALLY works.
- Pick up bill from post office.
- Put bill in inbox.
- On payday, move bill from inbox to computer and pay using online banking.
- Place bill in filing cabinet in appropriate file (eg. utility bill in utilities folder).
- At year end, do taxes. If bill is not needed shred it, if it is needed for taxes file it with tax information for seven years.
- At the end of the seventh year, shred the bill.
The system I have created to pay bills has minimized the number of times I touch the bills and allows me to minimize other work as well. The system has logical stop points or “homes” where the bill “lives” until it moves forward to the next step in the process.
Take a look at the process for your bill paying. Make sure there are designated areas for each step in the process then see how you can eliminate steps in that process.
You will never touch something only once but you can reduce the amount of times you do touch things.
Have you streamlined systems in your home or office? Share your ideas with readers by leaving a comment!