You will find the same tips and advice if you are a regular visitor to personal finance blogs and websites: Create a budget, pay down debt, keep on top of your bills, invest, and grow your wealth. It’s easier said than done.
American adults are inundated every month with bills. They can be for rent, mortgage, car payments or cellphone bills. You have to pay for everything in order to live in this world. It is best to pay your bills on time. Late fees and penalties can only make you more miserable. These are some simple tips to help you pay your bills on time.
Tip #1 – Write Everything Down
Each personal finance journey starts with a reckoning, and then continues with meticulous record-keeping. If you don’t understand what you are paying, you won’t be able pay all your bills on schedule. It can be frustrating to let one or two bills slip through the cracks, and costly at worst. You can check your credit and debit card statements to see every recurring expense. This could be for your Netflix subscription, for your gym membership, or for anything else that you pay every month. This is the ideal time to do a Marie Kondo-style purge and reduce some subscriptions. Why pay for something you haven’t used in three months? You will need to list all details about your bill payments, including due dates, vendors, amounts and whether they are enrolled in an automated payment system. Paying manually will require you to be vigilant.
Tip #2 – Strategize
Once you have the details for every bill, it is time to strategize. It will depend on how frequently you get your income. It is important to establish a payment schedule for your bills that covers all of your obligations by the due date. Also, arrange your budget so you have money for unexpected expenses. It is best to pay your bills completely every month. A monthly balance is a sign that you are burying your self in interest.
Tip #3 – Set up reminders
After you have established your budget and bill payment schedule, it is important to keep track of all due dates. You can add your payment plan to your online calendar, and set alarms and reminders that ping throughout the day. It is a good habit to pay attention to the reminders on your calendar. All your efforts will go naught if you simply swipe away the alert and forget about it later. Your own tendencies and habits are well-known, so set yourself up to succeed. A wall calendar is a great way to get organized. Post-Its are a great way to make sure you have a reminder of important dates and other information that you don’t want to forget.
Nobody will be able to keep up with your financial obligations. You can’t afford to let your bills go unpaid so make it simple for yourself to pay them each month. These easy tips will ensure that you never miss another payment.