How to Pay Your Bills and Save Money at the Same Time

How to Pay Your Bills and Save Money at the Same Time
  • Opening Intro -

    Everyone can agree on the importance of two things: saving money and paying your bills.

    The trouble for most people comes when you try to do both of these things simultaneously.

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This is especially true for people who need to save money the most.

Quick fixes like selling stuff online doesn’t ensure that you’ll be able to save money consistently. This task may seem impossible at first glance, but there are some strategies that we’ll discuss here that will help you build your 401k. Most of these strategies are adopted from experts in the financial field, so they may be worth taking note of.

Paying bills on time

If you don’t pay your bills on time you risk even more money wasters like late charges and fees. This is probably the easiest way to save up money in theory, but there are a lot things that can make you late paying your bills.

You need to be organized, avoid procrastination, avoid losing your bills, and draw up a budget to pay your bills and stick to it. You can start by drawing up a list of all the bills due, credit cards, utility, rent/mortgage and create a dedicated place to put your bills, checking them against your list to make sure you don’t miss any of them.

In addition to the expensive charges you incur when you pay your bills late, your credit score also suffers, which means you’ll incur higher interest rates, so make sure you are paying bills on time!

Reduce your credit card debt

The easiest way to do this is to live within your means.

Most people budget or live based on their projected income for months or years. Living within your current budget will help you save money, because if you live according to the money you have, you can actually save money that you would’ve otherwise used on items that are unnecessary at the moment.

Also, pay more than the minimum payment on your high-interest credit cards, and stop using them until you’ve cleared the balance.

When you finally pay off the balance, use the credit card only when necessary in order to avoid carrying balances over to the next month.

Manage how you pay your bills

Whenever possible, make automatic bill payments. Most companies have the option to set up an automatic payment through your bank.

Automating as many bills as possible helps in the first strategy we considered and can ensure that you’re never late paying your bills. This builds a reliable credit payment history with your creditors.

You might also want to consider prepaying your bills in order to reduce the interest accrued on loans and debts.

Finally, you might want to consider putting all your debts into one loan with a single lower interest rate.

By making changes in the way you handle your finances you can save up money on your way to financial security.

If you liked this article or you know someone who needs it please share it on Facebook or Twitter and it may find its way to someone who needs it. For more information visit here: https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/how-to-manage-bills.

Consumer Tips reference:

lowering monthly bills guide

 
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Categories: Savings