For many individuals and families out there, it has become the norm to feel as though you’re always trying to catch up on your bills. This means late payments and fees and what can seem like endless financial stress and worry. So, wouldn’t it be great if there was a way to stop the cycle and start paying things on time, and even get ahead of your bills? While you may think the only solution is to make a whole lot more money, in reality, a lack of money is only part of the problem when it comes to falling behind on your bills.
Let’s take a look at some tips that can help you get ahead.
Keep Track of When Your Bills are Due
Sometimes it’s not a lack of funds that causes a person to fall behind on their bill payments, rather it is a lack of organization on their part. If you aren’t keeping careful track of what’s due and when then there’s a very high possibility that you’re going to end up missing a bill payment. Missed bill payments can result in added fees and interest, and can even hurt your credit rating.
So how can you stay organized? You can take the old-school approach and write everything down on a calendar, or you can try using one of the many apps meant to help with bill tracking and payment. These apps can deliver reminders to you of upcoming bill payments so that nothing goes unnoticed. Also, if you use online banking, you can always set up an automatic payment if there is a bill that has a set amount on a set date each month.
Consolidate Debt If Possible
Another option is to consolidate debt into one payment if possible. This makes things a whole lot less confusing each month, as it will be one payment rather than multiple ones you have to budget for. It can also help you save money in the end if you consolidate high-interest loans and debt into one that has a lower interest rate.
What About Emergencies?
Of course, you can budget all you want and keep careful track of bill payments, but that doesn’t prevent emergencies from popping up. At any given time, you can encounter an unforeseen financial expense that leaves you struggling for a way to pay for it. No credit check financing can be a great option for these times as these types of loans tend to have a fast approval process, and it doesn’t matter if you don’t have the best credit rating/history.
With that said, you do need to be careful about these types of loans as sometimes the lender will try to take advantage of the situation and charge very high interest rates. You want to find one with reasonable interest rates and a repayment schedule you can keep up with. Bonsai Finance has an excellent blog discussing these types of loans and what questions you should be asking.
Take Away that Financial Stress
By finding ways to get ahead of your bills and stopping the cycle of catch-up, you will in fact be taking control of your finances and eliminating much of that stress.