Do you have a growing pile of billing with overdue notices on them that are forcing your stress levels through the roof? Getting behind can feel like an impossible cycle as the outstanding amounts add up. Then you have to worry about late payment fees, making your already tricky situation even more difficult. Here are a few tried and tested tricks to avoid late payment fees and start getting back on top of things:
We would never advocate for debt in general – we all know that you should try to pay off your debts, avoid high-interest rates, and cut up your credit cards to avoid getting into trouble again. But when you find yourself in a temporarily tight spot due to unexpected medical expenses, car trouble, or a broken washing machine, you sometimes need a little help. If this is a temporary blip, it might be worth investigating fast cash loans. But buyer beware – the terms and interest rates vary dramatically, so make sure you look for a loan with low or no interest and flexible repayment rates to avoid compounding your problem.
Ask for Extra Time
Most companies have repayment policies in place to help people who are struggling to meet the due date for their bills. Ring your provider to ask them about whether you can agree on a repayment schedule over several months. Some extra time up your sleeve will help you to get back on track.
Put Together a Budget
If your financial situation is an ongoing stretch rather than a temporary position, some careful planning is vital to keeping on top of those pesky bills. To make sure that you’re living within your means, try putting together a full rundown of all of your incoming money and outgoing expenses for the year. Consider monthly outings such as your phone bill, rent, and groceries quarterly invoices like water and electricity, and yearly costs such as car and home insurance.
Try to be as honest and realistic as possible about your discretionary spending – if you know that you buy your lunch every day, then note this down, even if it seems like a lot once you add it up. The idea is to get a true reflection of your current spending patterns so you can then make any changes or tweaks you need.
Map Out Your Upcoming Costs
Considering that each bill arrives at a very regular and predictable interval, it is amazing how frequently we are surprised by that letter in our letterbox or email in our inbox. Now that you have put together a comprehensive budget, start mapping out when you should expect each cost to be due. This way, you can plan towards the expense rather than chasing your tail trying to pay overdue payments.
Even Out Your Expenses
Most of us have an expensive month, where all our bills seem to arrive at once. Maybe it is December when you have Christmas presents to plan for on top of regular expenses, or perhaps it is another month of the year. To avoid getting into strife at the same time each year, try calculating your bills as an annual sum and dividing them by 12. If you can put this amount away every month, then you will avoid late fees for life.
The worst possible approach is to ignore the situation and hope it goes away. Instead, do some careful planning, and you will be back in control.