Because each person’s financial situation is different, there is not one definitive way that works best when it comes to paying bills. However, there are several tried and true options that all struggling and indebted borrowers can try. Here are a few of the best bill paying strategies to help you manage your debt.
Set Up Automatic Payments
Automatic bill payments is one strategy that works best for those who have trouble remembering to manually pay their bills on time. A set-it-and-forget-it process, autopay allows you to set up a designated account that will automatically withdraw your payments each month on your specified due date. With autopay, you don’t have to worry about sitting down at a computer and paying the bill yourself each month. This is a great strategy for those who are good at managing their money and who do not typically splurge on a variety of items.
Consolidate Your Bills to Earn Rewards Points
Those who have a good credit standing can try charging their recurring monthly expenses such as rent, groceries, and utilities onto a single credit card account that allows users to earn reward points. Most major credit cards offer point promotions for notable retailers, hotels, cruise lines, and airlines. However, credit cards can be difficult to navigate and some expenses may not allow credit cards as payment. Unless you can manage credit cards well, you may want to consider a different bill paying strategy.
Use Budgeting Apps
There are many budgeting tools out there that can help you keep track of your bills and micromanage your finances. Apps such as Mint.com and Digit allow you to see how much you are spending on certain items and can help you create a monthly budget.
Pay Whatever You Can On Time
Perhaps the best bill paying strategy is to pay your bills when they are due. Even if you can only manage the minimum amount due, be sure to never miss a bill payment. Missing a payments can result in late fees, canceled credit cards, and delinquent accounts being reported to creditors and devastating your credit report. While making monthly minimum payments may be a good short term solution to help keep your head above water, it will just hurt you financially in the long run.
Sometimes the best way to pay your bills, manage your finances, and stop the cycle of debt is to seek out the expert advice of experienced debt management professionals.
Reach Out to Debt Relief Experts
Progressive Debt Relief has the experience, negotiating skills, and relationships with major creditors to help you settle your debt for good. With no upfront fees, we will efficiently and discreetly help you establish a manageable bill payment plan that works for you. Contact us today to learn more about our debt relief services or to schedule a free consultation.
