Paying Bills Early to Avoid Late Fees
Paying bills early to avoid late fees might sound like an obvious measure but it's not something that everyone thinks of. Usually, you consider a bill when you receive the statement telling you how much is due and at what time. However, there are better and more organized ways to keep track of these things and this can include keeping a filing system of your own. If you're able to keep up on this, then you won't have to wait for a statement--you will already know what is going to be asked of you financially. Of course, doing this is not required but it might make this part of the month a little less stressful in terms of meeting your obligations.
Keep a Current Bill Ledger
If you're not sure how to do this, you can always purchase a ledger book to keep track of things. This is where you can write down what you purchased and what finance plans have been agreed to. As the date approaches, you can find a way to fit this into your budget early and pay it well before the deadline. The additional benefit of following this method is that you will be able to ask for more credit from this same sponsor next time you need it. They will see that you pay early and on time, and will use this as a positive credit score of sorts.
While it may not seem important at the time, it will be as soon as you need to extend or expand that loan. This situation can come from having to pay for another large purchase or perhaps tackling another project. Either way, if you want to keep up your source of financial support, you need to make sure you're following through with all of these bills and loan payments. The more organized you are, the better you will be able to foretell your future financial needs. You'll be able to figure out how much you owe and how that will figure into any income levels you're already expecting to change.
Making Promises You Can't Keep
Don't obligate yourself to anything that is going to stretch your dollars too far however, as this can be financially disastrous. You'll only make promises you can't keep and this will work against you, not for you. Make sure you have an exact picture of your current financial state so you can share accurate information with your creditors. As long as you maintain whatever agreement you set up with them, they will be willing to do this again in the future. Asking for more time on a loan is fine as well as long as you stick to the terms. If necessary, you might want to right down the terms you have agreed to so there is no confusion later.
When you're paying bills early to avoid late fees, you will feel more confident in all that you do as well. Planning for vacations and other fun events becomes easier because you know you're able to save toward those costs. By following particular procedures and making sure you don't stray from them, you will see that a lot more financial goals are within reach. Use this with all of your major and your small purchases and watch your debt decrease and your bank balance increase as you get better at it. You might also use this as a teaching lesson for your children regarding how they handle their own credit rating and limits.
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