Spending on your credit card is easy but paying back your credit card bills can take some discipline for some people. It sometimes takes some planning to make your payments on time. In order to stay away from missing payments which can turn into debt, we have given you some tips to help you through the process.
Organizing your bills is the most effective way to keep you on track. For this, you can create a calendar for your bills as per the due dates or maintain a note of your bill payments. Arrange all your bills based on their due dates. Once you’ve sorted your bills, check your note at the beginning of every month so you’re familiar with your upcoming payments. You might have even thought of paying off your bills in one go. So set a day close to all your due dates and pay each of your bills.
Although paying online is based on everyone’s preference, it is much easier for you to pay bills this way. Most service providers will have a facility to pay online to help you organize your finances and payments. In today’s day, most service providers will have an app where you can view your account conveniently in one place, pay your bills and view transaction history. So, make sure you check what payment facilities and apps are available from each of your providers whether it be your credit card, personal loan, or mobile phone bill.
This is the most efficient way to pay off your bills. Auto-pay is a great method to make your monthly payments on time. For example, with a credit card, a lender would automatically deduct the payment due from your account. This way, you don’t have to worry about making that payment on time, you just need to make sure there is enough money in your account to cover the amount due. You can set up your payment to be a minimum payment or a full payment, whatever your preference is, only that level of payment will be taken.
If you have many monthly bills to cover, it’s best to set the payment dates at the beginning of each month or a day after your salary is paid to you, this way you can pay them straight away knowing you have the funds and also know what you have left to spend for the rest of the month, this provides less risk to over-spending and avoids causing you a financial problem come the following month when the bills are due again.
By applying one or even two of these payment arrangements into your paying habit, you will start noticing a positive difference in your spending and you will acquire a basic sense on how to manage your finances. Making your monthly payments on time helps boost your credit score, allows you to save money, and gives you a structured way to avoid getting into debt. All of this will help to reduce your stress and contribute to financial peace of mind. With the technology available nowadays, being organized has never been this easy!
If you find that you are struggling to pay off debt, SingleDebt can help. Schedule a free debt counselling session with us today.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. City Credit Management LLP is not liable for any decision arising out of the use of this information.