It’s that time again. The end of the month. You probably already received that latest bills. And it’s possible that you’re having trouble with paying those bills on time. In fact, you may even be in a bind preventing you from being able to pay some of them at all—let alone by the due date. The good news is that you don’t have to struggle.
With the simple tips below, you can follow a process that will help you pay your bills on time. And pay some bills off for good.
Bills cannot be paid on time if you aren’t sure when they are due or how much you owe. Being disorganized is actually a major factor that people fall into debt in the first place. Closing your eyes and pretending your energy bill doesn’t keep the lights on. So, if you’re not organized, how do you get organized?
Put together a list of your regular bills.
- Mortgage or rent
- Credit card
- And any other installment plans
It does not matter if the bills are due weekly, monthly, quarterly, or annually. Create folders—likely best on your computer—and label them with the due date (e.g. Water is due on the 15th of every month, so mark the folder Water 15th). This saves you time when paying bills and helps prevent accidentally missing a payment and incurring late penalties.
Most of us only have a limited amount of money each month. It’s important that we differentiate between what we need and what we want.
We need a home, food, and security; therefore, we must pay the rent/mortgage and utilities and get to the grocery store.
We want a newer car, a nicer television, more cable channels, and faster Internet. And we must realize that these expenses must be deprioritized. They are merely luxury items.
So we start with the “what we need” list.
Some of those bills are fixed expenses and need paid in full. Others ask for a minimum payment, but you have a bit more wriggle room. If you want to aggressively tackle your debts, you need to go after the highest interest rates. Make the absolute minimum required payments on lower interest rate bills and apply extra toward the high interest rate bills. This reduces the debt more quickly and cuts down on interest charges that are accrued over time. Once those high interest bills are paid, roll that extra cash into your next priority. You can even contact the billing companies to seek a lower minimum payment for additional help.
Now let’s address the “what we want” list.
One of the most effective ways to cut down on your debt is to trim expenses. Eating out for lunch. Going to dinner. Running the air conditioning after August. Getting the fastest speed Internet connection. Buying that new LED television. There are a lot of ways that big or small purchases can make a world of difference when the end of the month arrives.
You need to be selective when deciding which wants you keep and which you ditch.
Cancel unnecessary subscriptions or memberships. Cut down on using the A/C. Shop at thrift stores. Take your lunch to work. Cook at home. Retire credit cards until the balances are settled. All of these measures to be frugal will get you back in control of your finances—and your future.
Get Help When You Need It
There will be times, no matter how much you trimmed and how well you’ve focused on the high interest payments, that you will still not be able to fulfill all of your obligations. Perhaps there was a medical emergency. Or maybe your car broke down, and it required a major repair. Whatever the case may be, you don’t have to endanger your financial health to the unexpected.
Cash Fast Centers offers fair car title loans and payday loans to help you get those bills paid. Our friendly staff is waiting to help you through our simple, no-hassle, and no credit check process that will get cash in your hand—fast.
Contact us today!