Here's How to Never Miss a Bill Payment Again
Paying the bills on time is the first money skill every adult must master
Get your concrete mixed and put your hard hat on.
Today, we are building the foundation upon which every successful personal finance story is built: the ability to pay your bills on time and in the most cost-efficient manner possible.
If you've ever wondered what’s the first step a person can take to be great at managing money? It’s paying your bills.
Is it the most exciting topic in the world?
No.
But it’s the very first financial task every single adult must learn if they want to be successful with money, so it’s worth the 3-minute investment you are about to make.
By the end of this short article, you’ll know why people fail to pay bills on time and how to put a system in place to ensure you never miss a bill payment again.
Why do people fall behind on their bills?
A Bureau of Consumer Financial Protection report provides a solid list of reasons people fail to pay their bills on time.
#1—They don’t have enough money.
This should surprise no one; the lower a person’s income, the more likely they are to struggle to make bill payments.
You can’t draw blood from a stone.
#2—Their income is unpredictable
Not everyone is fortunate enough to have a salaried job that pays them well and pays them consistently.
In addition to not being paid enough, low-wage and hourly workers often have highly variable incomes. If you’re piecing together multiple hourly waged jobs, how much you get paid and what days of the month you get paid can change month to month.
If money is tight, and you’re not sure how much you’ll get paid this month, paying the bills on time becomes a challenge—particularly for younger people without experience managing money and paying bills.
#3—Knowing which bills to prioritize