We talked about attempting to reduce your future bills in our last article. Let’s now see how you are paying for your bills. First of your bills can come in at many different times, some monthly, yearly, bimonthly and so many other. Some companies offer different possibilities in how the bills come in. Ask them what the possibilities are and if you get a discount if you pay it differently. For example insurances sometimes can be paid at the start of a year for the year to come. This will mean that you are paying a high sum all at once and it potentially removes some of the shorter term plans.
Paying your bills ahead of time for an entire year is not possible for everyone. Only do this if you are sure you can make the payment. If it’s not possible in January go ahead and split it up so you have a equal burden every month. Equally important is when the bill arrives, most companies have a set time frame in which they let bills arrive. Some will allow you to choose a different time slot for example before the time starts or after. Every bill has a due date be sure to always pay in time. Paying barely in time will cause you to sometimes end up with a late fee. Which should be avoided at all cost, especially if you have the possibility to pay it earlier.
You may not be able to read a doctor’s handwriting and prescription, but you’ll notice his bills are neatly typewritten. – Earl Wilson
If you are someone who frequently or sometimes happen to miss a payment and up paying late think about the consequences. Yes you will incur a fee, it will increase the amount you have to pay but it will also flag the company that you are a late payer. Once in 10 years due to circumstances is fine. But having it happen every time due to negligence is not ok. With enough late payments companies will stop the contract they have with you, potentially increase your bills or at least not allowing you discounts and/or refusing new contracts. At the same time when you require credit you will get the worse rates possible.
At first it may not be a problem to pay late. But for your future it will cause many problems. You will have higher payments, companies will be looking much stricter if you pay in time and you loose any potential advantages with them. This will also influence your stress levels, if it doesn’t has any effect on you it will be an immense burden on the people standing close to you. Which might cause them to take distance from you forever. If you know there is even a slight possibility of missing payment due to negligence ask the company you are paying for the possibility. They may offer extra reminders free of charge through a different platform. For example an automated mail or a phone call. Another opportunity you have is to let the payments be deducted automatically from your bank account. You will no longer have to worry about it and you will pay in time.