One approach to pay your monthly bills on time is to create a separate bank account just for bill paying. The Defense Finance and Accounting Service (DFAS) allows you to split your payments. You must have the exact the amount you need to pay every bill in full deposited into your new account every payday, and have the rest of your check sent to your normal account. Set up automatic payment from the new account for each bill, and never touch the account again. Now you have a two accounts one for bills, and a regular account with only the money you can afford to spend. For more information, contact your local military pay office.
To learn more about personal finances, visit the Military.com Finance Center.
Split Pay Checks Can Help Pay Bills
Week of April 27, 2009
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