Decreasing My Monthly Bills

Although I’m not a spendthrift, I feel as if I never have enough money in my bank account. Because I’m setting aside cash in order to buy a new home, I’m always searching for ways to decrease my monthly expenses. Fortunately, through my research, I’ve found some great, simple tips that provide substantial savings over time. For instance, I turn off my HVAC unit whenever I’m traveling. I also conserve gasoline by running all of my errands for the week on the same day. On this blog, I hope you will discover some easy, painless ways to lower your regular monthly bills. Enjoy!

Personal Loans: How To Avoid Paying In Arrears

Finance & Money Blog

If you take out a personal loan to cover an emergency expense that arises or to make a major purchase, you don't want missed installment payments appearing on your credit report. But if you're worried about making on-time payments, there are steps you can take to ensure that you maintain a healthy credit rating.

1. Plan to make the monthly payment at least one week before it falls due. This gives you some leeway if a problem unexpectedly pops up. Waiting until the last minute to make a payment can cost you additional money in late fees and interest charges if you aren't careful and miss the cutoff. Procrastination can also lead to a ding in your credit score.

Paying your monthly bills before they come due is a practical financial habit to develop. If you make the payment early, you won't have the money to spend on something else and then find yourself falling short when the loan payment comes due.

2. Set up automatic payments. With an automatic payment schedule, the lender will take the payments out of your checking account on a specific date every month and inform you electronically that your payment has been processed. By choosing the automatic payment option, you won't miss payments.

3. Use online bill pay. You can make your loan payment by scheduling the amount of the payment and the date when you want the money deducted from your checking account. Another perk of online bill pay is that you can track your payment history. It also allows you to request emails or text messages reminding you that your payment is coming due soon.

4. Renegotiate the terms of the loan with the lender. Extending the length of the loan can lower your payments, making them more manageable. Although you may want to pay back the loan sooner than later, requesting a longer repayment period can prevent you from getting sued or having debt collectors threaten you for the money you owe if you find yourself falling behind.

5. Talk to the lender as soon as you know you that can't make your payment on time. If you've been a good customer, the bank may be willing to work with you. Explain why you have a problem making the loan payment and suggest actions that will help get you back on your feet. For instance, ask the lender if you can pay interest only or principal only for a set number of months until your finances improve.

Maybe you were in an auto accident, suffered injuries, and need to be off work for a month or two before the doctor will allow you to return to your job. Tell the lender that although you may qualify to receive temporary disability benefits during that time, your income will be less. But being the conscientious debtor that you are, you want to pay something toward all your bills until you are earning your regular income again.


10 August 2016