Did you know that when you pay your bills on time, you are positively affecting your credit score? It’s the single most important criteria lenders and credit card companies look at. If you are having a hard time managing your bills, then consider the tips laid out below.
1. Set Up Auto Payments
The main way to ensure that you pay your bills on time is to set up as many auto payments as you can. Most companies and banks nowadays have a system for auto payments. This way, no matter how busy your life gets, you will always pay your bills on time.
2. Get Your Employee to Advance Earned Wages
One way to ensure that you pay your bills on time is to ask your employee to use Paychex Pay On-Demand and deploy Earned Wage Access Benefit to you and your colleagues. There are many advantages of this to both your employer and you. Sometimes getting paid just once a month can be highly inconvenient. And this way you won’t have to take out an expensive payday loan.
3. Make a Plan for Your Regular Bills
Sit down once a year and write out what days all your bills are due. Tape this up somewhere you can see daily, perhaps your bathroom mirror or the refrigerator door. This will keep all your monthly bills on top of your mind and will remind you if you are about to miss a payment.
If you don’t want to do this manually, you can set up reminders from companies for when your bills are due. They are happy to do this, as it means they will get paid on time.
4. Have an Emergency Fund for Unexpected Bills
Sometimes life isn’t as predictable as you would like it to be. And unexpected bills can destroy the most well-laid out plans. To prevent this, ensure that you have 3-6 months of income or as much as you can manage in your emergency fund. Leave it in a savings account somewhere and don’t dip into it unless it’s an absolute emergency. It’s not for buying those shoes you really want!
5. Get a Side Hustle to Make More Money to Pay Your Bills
If you are having a hard time paying off debt or managing your bills with just one job, consider getting a part-time job to augment your monthly income. This might only be temporary or it might be a long-term solution. It all depends on your unique situation.
6. Stay Consistent and Don’t Cheat on Your Plan
It’s tempting to take a cheat week off your plan or to skip paying a bill for a month or two because you want to go on this vacation or to buy that high-def television. But that just means skipping the inevitable to a later time. The more consistent you are over time, the easier it becomes to manage your bills.
Pay Your Bills on Time Every Time
With the tips laid out above, you can pay your bills on time every single month without fail. The more you do this, the brighter your financial future will become.
Enjoyed this article? Don’t forget to check out other articles on personal finance on our website.