A healthy financial life depends on timely financial management. That simply means pay your bills on time. Therefore, you must keep track of all your bills to avoid falling behind and accumulating too much debt.
Pay Your Bills On Time to Avoid Debt
You are responsible for paying your bills when each one is due. When you pay your bills on time, it not only reduces stress, but it also saves you money. It also helps boost your credit score. Here are 5 helpful tips to help you pay bills on time.
- Organize – Organize all of your bills in a folder kept in a safe place or file on your computer. Make sure to keep track of when each bill is due.
- Open every bill – Some people avoid opening and looking at their bills each month and allow them to pile up. It is important to open every bill and read through it carefully to ensure there are no added fees or mistakes in billing.
- Schedule time to pay bills – Set up a time, whether it be weekly or monthly, to sit down and focus on your bills and keep up with your finances.
- Decide on a method – Decide whether you want to pay bills online or send a check to the address provided. There are a number of easy ways to make payments. Online payments are quick and easy and often offer the option to set up pre-scheduled automatic payments. Sending a check by mail can take a couple of days to process before you see the money come out of your account.
- Build an Emergency Fund – Having an emergency fund can reduce the pressure when it comes to paying bills. This fund adds peace of mind knowing that should you experience an unexpected expense, you will have money set aside and your everyday finances will not be interrupted. It is recommended to have a minimum of three to six months’, but ideally six to nine months’ worth of expenses set aside in an emergency fund. However, for even more peace of mind, an ideal emergency fund to shoot for would be six-nine months
If you are having trouble managing credit card debt speak with a certified counselor at ACCC today. Call 800-769-3571.