Approximately one in ten American adults have trouble managing bills each month. If you’re one of them, you know that late payments and fees can really hurt your monthly income.
Luckily, there’s always something you can do to better manage your bills and your personal finances. But if you’re not sure where to start, taking control of your money can seem virtually impossible.
Here are a few proven tips to help you keep track of your bills, make payments on time, and keep your finances in better shape.
Track Your Due Dates
Unfortunately, it’s rare for bills to have the same due dates. This makes it easier to manage your personal finances and reduces the risk of running out of money toward the end of the month. But it can make it hard to stay on top of paying bills on time.
Instead of guessing about when things are due, be proactive. Track your due dates for each recurring bill you have. Write those dates down on a calendar or set up reminders on your phone or computer so you never miss them when they come due.
If you do forget to make a payment, call the company as soon as you remember. The sooner you call and explain your situation, the less you’ll get charged in late fees.
Ask for Payment Plans as Needed
Though many bills must be paid upfront, others can get paid in installments. It depends on who you’re working with and what types of services you’re paying for.
For example, if you’re struggling to cover the cost of your child’s dental treatments, speak to their pediatric dentist and let them know about your financial situation. If you’re recovering from an expensive surgery, talk to the hospital and see what types of payment plans they offer.
Often, companies and service providers are more than willing to work with you. You just need to communicate with them and ask for help when you need it.
Automate What You Can
One of the best money management tips you can follow when you’re trying to improve your personal finances and stay on top of paying bills is to automate recurring payments.
Set up automatic payments for loans, cell phone bills, insurance premiums, and anything else with a fixed amount that doesn’t change. This way, you’ll never miss a due date and won’t have to worry about making late payments.
The money will come out of your checking account on the date you select whether you remember the bill or not.
Managing Bills Is Possible
If you’ve struggled with money management, taking control of your bills each month is the first step in the right direction. Follow these tips and you’ll make managing bills easy each month.
Just remember that paying your bills on time is just one task you need to take care of when managing personal finances for your family. Check out our latest posts for more tips and tricks to help you make smart money moves month after month.