Paying bills is one of those parts of life that can be tedious and hard to remember, especially since it’s not a daily or weekly thing to take care of. Missing payments can not only be a headache, but they can also have adverse effects on your finances. When you miss a payment on a credit card or utility bill, for example, you might have to pay late fees and it can even negatively impact your credit score depending on how long it takes you to pay it.
Remembering to pay bills on time can be a hassle with everything else you need to deal with in everyday life. Here are some tips to help avoid missing a payment and dealing with the consequences:
Organize Your Bills
To start off, it’s helpful if you make a list of all the monthly bills that you pay. Anything from rent/mortgage and utilities to car payments and monthly subscriptions. Take a look at your monthly expenses and see if there’s anything unnecessary that you’ve been paying for (i.e. a subscription to an app that you no longer use) that you can cancel. This way, you’ve gotten rid of those unnecessary charges, and can focus on what you still need to be paying each month.
It can also be a helpful idea, when possible, to consolidate your bills. If you’re receiving multiple bills each month from the same provider (ex. Internet and phone service), see if the company can consolidate those bills into one monthly statement. This will not only save you from clutter from all the bills you’re receiving, but it’s one less piece of paper that you to worry about misplacing.
Create Calendar Items
Whenever possible, it’s always helpful to set up automatic payments so you don’t have to worry about missing them. Especially for things like rent/mortgage, utilities, or car payments that are fairly consistent in the amount owed. Automated payments are a huge help to avoid the troubles that come with missing bill payments. However, even if you’re using an Auto Pay option, it’s still a good idea to keep the due date on your calendar, so you can double check that the payment went through properly, and you can get an update on your account balance.
Set Up a Routine for Manual Payments
If you’re unable to utilize automatic payments (or simply don’t want to use them) there are a couple of options to help you remember to pay your bills manually each month. One option is to make it a habit of paying off your bills as soon as you receive them, either by writing a check or paying online if it’s an option. However, if you don’t want to stop what you’re doing to pay a bill every time you receive one, another option is to utilize your calendar, and block out some time each month to sit down and get your payments done.
Remembering to pay your bills on time can cause a lot of stress, especially if you’re behind on payments. However, there are a lot of resources to help you out when you’ve started struggling to pay your bills on time or in full. If you’re interested in learning more about NuMark’s Online & Mobile Bill Pay options, check out our page here.
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