How to Manage Late Bill Payments and Prevent Them in the Future
February 26th, 2023
5 min read
Missing bill payments is a hassle that no one wants to deal with. Not only does it impact your credit score and financial health, but it also takes up valuable time and energy. Fortunately, there are some simple strategies you can use to make sure you never miss a bill payment again. With a few easy changes, you'll be able to manage your finances with ease and never worry about missing a payment again.
1. Learn Your Billing Cycle
The first step in avoiding missed payments is learning your billing cycle. The billing cycle is the amount of time between the moment you make a purchase and the moment you are billed for it. This means that if you make a purchase on June 1, then you will be billed for that purchase on July 1. Therefore, you will have a 30-day period in which you can pay off that bill before it becomes past due. Whether the bill is a credit card or a utility bill, it is crucial that you know when the bill is due. Not only does it help you stay on top of your finances, but it also eliminates the worry of forgetting a payment and incurring late fees.
2. Evaluate Your Budget
After learning your billing cycle, you should evaluate your monthly budget. First, you will want to make sure that you are spending your money wisely. If you find that you are spending too much money, you can use a budget to help you find areas to cut back. Even if you are spending your money wisely, you should also make sure that you have enough money set aside to make all of your payments. This includes your rent, utilities, phone bill, and any other monthly payments. If you find that your budget doesn't have enough money to cover your expenses, you should look for ways to increase your income. This can include finding a better-paying job, increasing your side hustle, or asking for a raise at your current job. If you find that you still don't have enough money for your bills, you can use a cash advance to cover the difference.
3. Remove Any Unnecessary Expenses
Before setting a budget, you should also look for unnecessary expenses. This includes expenses such as eating out, shopping sprees, and unnecessary purchases. If you find that you have a lot of unnecessary expenses, you can simply change your spending habits to make room for your necessary expenses. This can include cancelling your cable, switching to a cheaper cell phone plan, and eating at home more often. Finding ways to reduce your expenses will help you get your budget in order and make sure you have enough money to make all of your payments.
4. Sign-up for Auto Pay
After evaluating your budget and removing unnecessary expenses, you can use autopay to make sure that you always make your payments on time. This will help you avoid incurring costly late fees. If you have a utility bill, you can use autopay to set up a payment plan. This can help you avoid getting disconnected from your utility provider. You can also sign up for auto pay with your health insurance provider to make sure that you have health insurance coverage.
5. Use Bill Reminder Software
If you have a large number of bills each month, you may find that it is difficult to remember when each bill is due. In addition to using auto pay, you can also use bill reminder software to help you stay on top of your payments. This software can remind you when a bill is due and help you set up an automatic payment. This can help you make sure that you always make your payments on time.
6. Pay Your Bills in Advance
If you have a large bill that is coming up soon, you can make sure that you have the money to pay it by paying it in advance. This can be particularly helpful if you are getting ready to make a large payment such as a car payment or a mortgage payment. You can also use this strategy if you have a large utility bill or medical bill coming up soon. You can set up an account at your bank to make sure that you have the money on hand when you need it. This is a great way to make sure that you don't miss a payment.
7. Split Your Bills into Payments
If you have a very large bill that you can't pay in advance, then you can split the bill into smaller payments. This can be particularly helpful if you have a large medical bill. By making smaller payments over a longer period of time, you can reduce the amount that you have to pay each month. This can be helpful if you don't have a lot of extra money set aside to make the full payment. If you use this strategy, you should make sure to ask your medical provider if you will still be considered in good standing. This will help you avoid incurring added fees and keep your credit score intact.
8. Rely on Fast Cash in Emergency Situations
If you have missed a payment and don't have the money to make it up, then you can use a fast cash loan to make up the difference. This type of loan is designed to get you the money you need quickly and with very little hassle. Make sure that you repay the loan as quickly as possible to avoid incurring added interest charges. This can help you avoid a negative mark on your credit report.
9. Download Wagetap
Finally, you can use Wagetap, one of the leading wage advance apps and bill split providers in Australia. It’s a great tool to help you out in managing your bill by allowing you the option to pay it in instalments. If you follow these nine strategies, you'll never have to worry about missing a bill payment again. Make sure to learn your billing cycle, evaluate your budget, and remove any unnecessary expenses. Once you've got your finances under control, sign up for auto pay, use bill reminder software, and pay your bills in advance. If you find yourself in a bind, rely on fast cash in emergency situations and download Wagetap for their wage advance and bill split feature to prevent late payments.
For additional help in improving your spending habits, you can always download Wagetap. It is a leading wage advance and bill split app that allows you to access your pay early. Emergencies can always happen and Wagetap can help you handle life's unexpected expenses.