5 Steps to Get on Top of Your Monthly Bills
Struggling to meet your monthly financial commitments is a stressful and frustrating experience. To get the best out of your finances, you need to create ways that allow you to comfortably pay your bills on time and in full. It’s not an easy task, but it definitely is possible with a bit of hard work and careful planning. Here are 5 steps to help you get on top of your monthly bills.
Assess the Situation
The first step in getting on top of your bills and organizing your finances is to take a good hard look at your financial standing. Ask yourself a few key questions to determine how much money you have in savings, what your usable income is per week, and how much debt you currently have. From this information it will be easier to start developing an action plan that will see you capable of feeling in control of your finances once more.
Get Debt Help
Seeking help for debt is one of the simplest and easiest things you can do. Many people feel embarrassed or ashamed to get professional advice, but there’s nothing worse than leaving your debt problem to continue growing until it is completely unmanageable. The only thing you can be ashamed of is ignoring the problem. There are a range of forms that debt help can take, from simple budgeting advice and assistance to full debt consolidation loans and negotiations with creditors. Don’t let debt hold you back from getting on top of your bills, contact a quality debt consolidation company today and focus on improving your finances once and for all.
Draw Up a Budget
Having a clear budget is one of the most effective tools at your disposal for getting on top of your monthly bills. By analyzing your weekly income and expenses, you can see exactly where your money is going at all times. Use your budget to allocate a weekly savings specifically to cover your bills, and don’t forget to put a little more aside for those unexpected extra charges that happen from time to time.
Have a Bills Account
With your budget in place, you’ll now know exactly how much money to put aside for bills every week. To avoid the temptation of using this money for other things, have the allocated funds directly transferred into a dedicated bills account so you won’t risk spending it on other things. This way, whenever a bill is due, you can simply use a system such as BPay to settle the bill directly from your account.
On Time, Every Time
Don’t treat the due date as a guideline, as this can have a disastrous effect on your credit rating and personal financial history. Most service providers will send out a bill weeks before it is due, so try and make a payment as soon as you can. Don’t leave it until the due date or a couple of days before, as you run the risk of paying late if there are any technological glitches or issues. Play it safe, and pay your bills well before the due date.
There’s nothing like the feeling of finally being in control of your finances. Not only will you be able to save more effectively and reach your goals quicker, but you won’t ever have to worry about paying late or being unable to meet your repayment obligations. Getting on top of your bills is an absolute priority, and with these simple steps you can enjoy greater financial freedom faster.