You will have several payments to make from time to time. They could be auto insurance premiums, credit card payments, bills such as telephone, power and water bills, and others. Due to tight schedules and the weakness of human memory, you may forget to pay some things. Missed or late payments can lead to late payment penalties, a drop in your credit score, disconnection of utilities, among others.
When it comes to periodical payment of insurance premiums and others, you may arrange for automatic payment from your account. If your bank is different from your insurer’s, you may use a service like giro payments for insurance premiums Singapore. This facilitates inter-bank transfer, so you are always on time for your payments.
So, what are some ways you could use to ensure timely payments?
You can evade the consequences of late payments by signing up for autopay. It involves authorizing your credit card company to get funds from your account automatically. The money is deducted from your checking account on a specified date.
The idea is to automate your payments. It is always advisable to authorize payment of more than the minimum amount to avoid any penalties, late payment fees, or other consequences. However, to effectively use this method, you must always have funds in your account by the date of payment. If there are no funds, you may incur overdraft charges and late fees.
While credit card payments typically fall due after a month, weekly payments could help avoid late settlement. Since the card allows you to buy things on credit provided it is within your limit, you could end up with massive balances. You may charge so much on your card during the month. However, on the due date, you may find it hard to pay the amount alongside other payments like rent. This could lead to late payments or remaining with an unpaid balance on your card.
Weekly payments can help you budget for your cash to avoid spending what you do not have. With that, you will avoid late payments and living beyond your means.
You can set calendar reminders or register for online alerts to remind you of the payments falling due. One best way to do it is to have the online calendar synchronize with your cellphone.
As such, you receive reminders, no matter your location. Reminders may also be in the form of emails that can come some days to the due date. Once you get them, you make the payments.