Setting up automatic withdrawals from your checking account to pay bills can help substantially. Since the money is taken from your account at the same time each month, "you're guaranteed to be on time," Penrod says.

To take full advantage of automatic withdrawals, start by making a list of bills you pay each month, such as a mortgage loan or a student loan. Then check online or contact the institution to ask if you can have the payment withdrawn automatically from your account each month.

To set up an automatic withdrawal, you'll have to send in some paperwork and may need to sign a few forms. "It isn't as easy as one or two clicks, but the benefits tend to outweigh the difficulty of setting it up," says Penrod.