iQuanti: Chances are you have a number of bills to take care of every month: credit cards, car loans, and others. Fortunately, there are ways you can simplify the monthly bill-paying process with debt consolidation and alleviate a great deal of stress in the process. Here are some strategies you might want to consider.
Consolidate your debt
When you consolidate your debt, you roll multiple debts into a single loan or credit card, ideally with a lower interest rate. If your credit score has improved or you don't want to deal with multiple debts with different payment dates, debt consolidation can make your life a lot easier when you pay your bills every month.
Spread out large expenses
Your largest expenses are likely your rent or mortgage and car payment. You may want to spread out their cost across a few paychecks. This can give you some leeway for daily expenses like groceries.
Automate your bills
Most lenders, credit card issuers, and service providers will allow you to automate your payments. When you automate your bills, you allow a company to take money directly from your bank account on a certain day each month. As long as you always have enough money in your account, you'll be able to avoid late fees, penalties, and interest with virtually no effort.
Change your due dates
It can be a challenge to stay on track with your bills when they're on different dates throughout the month. That's why you may want to call companies and ask them to change your due date to align with when you get paid.
Pay bills once a year if possible
Sometimes, you can choose to pay a bill upfront, rather than on an ongoing basis. By doing so, you may lock in a discount and reduce the number of bills you have to think about every month. Situations that offer this type of bill setup include some car insurance companies, property tax collectors, gym memberships, and subscription services. If you decide to go this route, it's a good idea to do so when you get a bonus at work or a tax refund.
If you create a bill-paying system and stick to it, you'll feel less overwhelmed and more confident about your finances each month. You'll also save money and even improve your credit score so that you can qualify for attractive rates and terms in the future.
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Original Source: How to Make Monthly Bill Payments Simpler