4 tips to help you pay your bills on time
Now that Comprehensive Credit Reporting is in full swing, licenced credit providers can report your repayment history on your credit report. So, making your repayments on time is more important than ever!
Did you know that just one missed credit card repayment in the last three months can lead to a 22% drop in your credit score1? If you’re a bit slack making all your repayments on time, the Credit Savvy team have compiled some tips and tricks to help you get back on track.
1. Get all your bills in one place
In the words of LunchMoney Lewis, “I got bills”. We’ve all got bills! From the mortgage, to the credit card, and all the different subscription services, it can be hard to keep track of all the amounts and due dates.
Gather up all your bills so that you have a master list of all your ongoing expenses. Check your emails, your bank statements, and credit card statements to make sure you have everything and update it regularly when you have a new bill or when you have cancelled or fully paid off another.
2. Create a budget
Having a budget is key to ensuring all your bills get paid on time each month. Tracking and analysing your spending habits could help you uncover the reasons why you’re having trouble paying your bills. You may be spending too much on take out or perhaps you’re subscribed to too many streaming services.
Check out the following articles and start tracking your spending:
- Essential apps to track your spending, save money and pay your friends
- Mobile banking apps to help get your finances on track
3. Set up online billing and automatic payments
Going paperless could help prevent you from missing important repayments. Set up online billing and have your bills emailed to you rather than sent in the mail. Where possible, it’s also a good idea to set up automatic payments, especially for bills that occur regularly.
4. Consider consolidating
If you feel a little snowed under and are really having trouble keeping up to date, consider consolidating your bills. This could mean moving all the balances of your credit cards on to one card or cancelling and cutting down on unnecessary expenses and subscriptions. Remember to look out for any extra fees and costs associated with consolidation and ensure these don’t outweigh the benefits.
Looking for more tips and tricks? Head over to our Learning Hub to catch up on the latest news.
1 Experian research based on their credit bureau data of 14 million open credit cards and a population of 9.4 million individual open credit card holders.