Paying your bills on time will help you to keep the amount of money and savings you have in check. The most important reason is that it will damage your credibility level. This credibility level will get worse and worse the more payments you delay. Eventually, you can even get sued by the collection agency if you leave the payment unpaid for long enough. You will unfortunately not be able to rent a house via SPEEDHOME when your credit level is negatively assessed. It’s also good to note that any bills paid or unpaid affect your credibility to apply for a house to rent.
The other risk you have when falling behind is paying extra through interest and fees. The extra fees will add up quickly and can be hard to track. You will eventually not know how many bills you still have to pay including all the extra fees and this will make it hard to know how much money you can still spend on other things.
How to pay on time
The easiest way to start paying your bills on time is to set up auto payments. This is simple for fixed bills like rent and insurance. Most of the time these are the bulk of your payment and automating these payments will get you in the right direction. It is, however, important to check your auto-payments every month since you will forget auto-payments and if you just keep it running then you will not know where your money is going.
Therefore, keep yourself aware of where you’re spending your money. This can be done by setting automated payment reminders as well.
Another way is to keep your spending in check is to pay off your credit card early. This will help your credibility and paying bills more than one time a month is not against the rules. It also helps to avoid paying something with a credit card that can also be paid with a debit card or other manners. Since paying with a credit card brings extra cost and make you lose the overall picture of your finance.
The last tip that will help you to keep up your credit and pay your bills is to build up emergency savings that you can use when you have overdue bills. So even if you forgot to pay your bills you can fix it quickly without your credibility being affected. So you will still be able to rent a house on SPEEDHOME.
Go manage your bills now! You don’t want to get that final notice.