Tips For Making Bill Payments on Time

Paying your bills has become even more important today than in the past. Prior to credit scores and reports, paying your bills was a matter of keeping and losing a service such as electricity. Today, it is almost impossible to get some services turned on without a decent credit report. These tips will help you make your bill payments on time to avoid the destructive force of a bad credit report.

Organize Your Bill Payments

• When you get your mail or monthly statements, put all credit card letters and envelopes in an open container or box.
• Place the open container in an area where it is impossible to neglect or avoid such as on top of the television, on the dining table, or on a coffee table.
• Open the letters and do not ignore the debt. It will not go away no matter how hard avoid it.

Mark Down Bill Payment Dates

The most frequent mistake bill payers make is to neglect to pay by the due date. It’s not always because they don’t have the money either – sometimes they just forget. For that reason, timing is absolutely necessary to making sure your bills are always paid on time.

• Buy, borrow or steal a brand new calendar or find a computer program that allows for adding reminders that you will use just for paying bills.
• Gather all your current bills and mark their due dates on the calendar. Do this for each month for recurring bills such as utility payments.
• Next, determine where your paydays will fall in the calendar and mark them too. You will need them for the next step.

Budgeting For Your Bills

While most people hate to budget, if you want to pay your bills on time you have to do it. Just like in business finance there are two things to watch out for: the timing and amount of cash flows.

Amount of cash flow is easy to budget. Take the total amount you expect to earn in a month, subtract all your bills, and the rest is yours to save or spend.

Timing is much more difficult – because some bills are due during inconvenient times of the month such as the day before payday, you may have to save from one pay period to help pay a bill which falls during the next period. Use the calendar to determine how much you must save from each pay period to pay all the bills on time. Practice your timing and budgeting techniques when paying the bills this month and see if a little organization can help you pay your bills on time.

These bill payment tips apply for not only for standard bills but also for friend loans, car loan payments and payday loans. Remember to organize, mark down bill dates and budget so you can pay these bills on time.

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