Paying Bills on Time

The best way to ensure your bills are paid on time is to have a plan. To keep it simple I have broken the bill paying process down into 3 areas.

• Create a bills checklist
• What are the benefits of paying bills on time?
• Why is it important to pay your bills on time and what happens if you don’t pay on time?

Create a Bills Checklist

Review all of your bills, writing them down on paper or enter them in a spreadsheet or a dedicated bill app. Once you have created your ’Bills Checklist’ detailing all of your bills its much easier to see when and how often they are due. The checklist helps eliminate the stress surrounding bills, once they are listed the chances of you missing a bill has been minimised. Many bills will be issued in cycles such as your utility bills. As soon as you receive a bill enter the due date in the calendar similar to an appointment in your diary. This is a great idea to pay annual bills such as insurance on time. If you can set up automatic payments for your bills every month it can help reduce the stress of having to budget for larger one-off payments annually.

What are the benefits to doing the above?

Once you have paid your bills on time you have the satisfaction of knowing that a particular debt has been cleared and you can enjoy the rest of your disposable income. You will be able to use a service without having the fear of being cut-off. Paying your bills on time helps your credit score and will generally make it easier to get a personal loan or mortgage when you need one.

Generally speaking, the higher your credit score, the lower the interest rate you will be charged when applying for a loan. Not to mention, If you don’t pay your bills on time you will probably have to pay a late fee which will hit your hip-pocket unnecessarily.

Get in touch with us today, to let us help you set up the right foundations, and then make your future self happier!

Written by Greg Terry

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