How to manage bill payments

Paying bills is a necessary part of life, but it doesn't have to be a tedious chore. Whether you're managing household expenses like utilities and rent or reviewing your credit card statements, staying on top of your bill payments goes hand in hand with budgeting and saving.

From setting up automatic payments to using personal budgeting apps, there are several ways to simplify the process of managing and paying bills. Here, we explore ways to streamline how you pay your bills, so you can help yourself prepare before your next payment is due.

Paying bills when they’re due

Have you ever asked yourself, “When are my bills due?” With expenses scattered across multiple payment sources and on different schedules, it’s understandable that you might get overwhelmed with paying every bill when it's due.

But paying your bills on time can help boost your financial health, avoid unnecessary late fees and penalties, and could help you maintain your credit score. On the other hand, late payments have the potential to lead to damaged credit, higher interest rates, and even difficulty obtaining credit in the future.

So, to the best of your financial ability, paying bills when they’re due should be at the top of your to-do list.

Paying bills online

Many companies offer online bill payment options, making it easy to stay on top of your bills and avoid the pitfalls of late payments.

Whether for utilities, credit cards, insurance premiums, or other expenses, you can usually pay them online through a secure payment portal. As a result, you can avoid the hassle of mailing in checks or making lengthy phone calls, saving you time and effort.

Plus, when you pay bills online, you can schedule payments in advance, receive alerts when bills are due, and keep track of your payment history — all potentially useful benefits that can help you make payments on time.

What kind of bills might you need to pay?

There are many types of bills people pay on a regular basis. Some common examples include:

• Utility bills, like electric or gas bill payments
• Rent or mortgage payments
• Insurance premiums
• Credit card bills
• Phone and internet bills
• Subscription services
• Taxes
• Medical bills
• Car payments
• Student loans