If you want to continuously enjoy the comfort and convenience afforded you by your utility providers and banks, then you have to pay your bills on time. The problem, of course, is that there are times when doing so can be challenging. Maybe you have too many due dates to keep track of, or perhaps you’ve encountered a minor financial hurdle.
The problem is that if you make late payments, you’ll also have to contend with late fees and other penalties. To avoid this situation, here are a few tips you can follow for an easier time with settling your bills:
Make a List of All Your Bills
Most people have the same basic utilities to pay for: electricity, water, and usually telecommunications (landline telephone and internet). Aside from these, other common bills that people have to pay each month include but are not limited to
- mobile phone plans
- streaming services
- various types of loans (e.g., home loan, car loan)
- credit card bills
- insurance premiums
- tuition fees
These are all apart from fixed monthly expenses like food and groceries, as well as the money that you funnel into your savings and emergency funds.
As you can see, it’s difficult to keep up with everything if you just rely on your memory. The best thing to do is to create a list that itemizes the name of the biller and the amount to be paid. It doesn’t matter if your list is digital or written on paper. What matters is that you have a clear picture of your financial obligations so you won’t miss out on anything.
Use a Calendar to Mark Due Dates and Activate Alerts
It’s rare to have all of your bills’ due dates lined up perfectly; with all of the bills enumerated above (and possibly more), it’s going to be a challenge to remember every single one. This is where technology can be of great help. You can set recurring reminders on an online calendar or app, so you’re always reminded when a payment is coming up. You can also use color codes or other customization methods, so that your bills are highlighted and therefore given a bit more importance.
You should also activate SMS, email, and/or app alerts as an added measure. Sure, it might seem like overkill but as the saying goes, it’s better to be safe than sorry. Besides, there’s always a chance that you might miss out on the initial notification from your calendar. With back-up alert methods, you’ll be able to stay on top of all your bill due dates with ease.
Consider Getting a Loan
No matter how much you prepare, there will be times when you’ll be caught off-guard by sudden situations that can throw your budget in disarray. If you have emergency funds, then good! However, if you still need a little more funds, you can take out a quick cash loan fintech companies offer.
What’s great about such a loan is that it’s easy to apply and the disbursement is quick. You can be done with your application within minutes, and the money can be transferred within 24 hours or less. This is one of the best options you have if there’s an urgent bill that you need to settle.
Of course, don’t forget to update your list of billers to include the lender you borrowed from and the due date of the loan.
Try to Pay More Than the Minimum
Some bills require you to pay the full amount every time the due date comes. Meanwhile, some bills let you choose how much you can pay. A good example here would be your credit card, where you can pay the minimum amount required and not the entire balance.
However, you need to avoid this as much as possible. Instead, try to pay more than the minimum if you can’t pay things off completely. If you keep on paying only the minimum amount, you’ll take longer to settle the bill and also pay more in terms of interest.
Stagger Your Payments
There are also some bills that let you stagger payments as long as you meet the required amount on or before the due date. One such type of bill would be your mobile phone plan. If you have a Php 1,000 monthly bill with a due date of the 30th of the month, for example, you can pay Php 500 on the 10th and another Php 500 on the 25th.
This is a good way to plan your budget, especially if you’re finding it difficult to settle a bill in one go. However, make sure that this is allowed by the biller. In addition, take note of the number of payments that you’re allowed to make. Some billers may allow only two or three staggered payments within a billing cycle.
Automate Whenever Possible
Last but certainly not least, your bills payment experience will be much easier and more convenient if you automate it. Your bank’s app or website likely has an auto payment feature, where you can enroll a biller and set a date for when the amount will be deducted. This way, you only have to remember to fund the account you use for the payments.
When you have an easy time paying your bills, it won’t feel like a chore. Keep these tips in mind for a hassle-free bills payment experience.