Missing the due date with your bills can have devastating consequences to your finances and credit. If you want to ensure that you are never late with paying the money you owe, it is important to read through this article very carefully. There are lots of different things you can do right now to save yourself a lot of aggravation in the future. One of the main reasons that so many people’s credit rating is low is because of late bill payments. These tips can help you increase and maintain your credit rating.
Pay as Many Bills as you can Online
The first thing you should do is to register an account with as many different billers as possible. Paying your bills online is a very quick and easy process, so you will definitely want to do this right away. This will save you from having to mail in your payments, which can be quite time consuming. It also provides you with an easier way to keep track of how much you owe and when your bills due.
You can simply go online to see the due date if you aren’t sure. Most companies accept payments online these days, and it is a huge convenience for everyone involved. It’s also important to consider that going online to pay your bills can minimize the chances of having your identity stolen. You might be surprised how easy it is for an unscrupulous person to do this with an old bill you have thrown out in the trash.
Setup Automatic Payments
If you don’t already have automatic payments set up with your billers and creditors, it is important that you do so. This will make it easier for you to pay your bills on time, as you won’t have to worry about remembering when the due date is. The money that you owe will automatically be taken out of your account each month. This makes paying your bills much easier and a lot less risky.
Utilize Account Reminders
Even those who have already set up automatic payments with their billers should still opt for account reminders. These alerts will tell you when it is close to the due date so you will know. This can be a good way of reminding yourself to check your statement to make certain it is completely accurate. Take some time to log into your online accounts and look for settings that will allow you to enable account reminders/alerts.
Request an Extension
A lot of creditors will work with their customers to ensure that they pay the money they owe. Sometimes they are willing to extend the due date if the person is going to have trouble paying their bill on time. If you think you might have to pay one of your bills late, you should contact the biller right away. Failing to do so will only make the situation more complicated and stressful.
Pay Your Bills Early When You Can
If you are able to pay any of your bills early, you should always do so. This will guarantee that you won’t be late making any payments, and it can reflect well on your credit. If you are trying to build up your credit rating, you should make a point of doing this as often as possible. If you are paying back a loan, make sure there won’t be any fees for early repayment.
Get into the Habit of Bill Paying
Young people who are new to paying their own bills will need to get into the habit of doing this. Choose a specific date to go over all of your expenses so you know exactly what you owe, how much and when it is due. This habit will serve you very well as you go through life. You should treat doing this as if you have a very important appointment for a job you really want.
Choose a Method of Organizing Your Finances
There are numerous ways to keep your finances organized, and it is important to find one that will work best for you. The more organized you are in this way, the more adept you will become at paying your bills on time and in full. Choose a place to keep paper bills and other important financial documents so you don’t lose track of them.
Create a Rainy Day Fund
A rainy day or emergency fund can be of great use when an important expense suddenly pops up in your life. You will definitely want to make a point of setting aside money so that you can take care of these expenses as needed. If you end up losing your job, you will have money to keep paying your bills until you can find something else.