When it comes to paying bills and reconciling debts, timing is everything. Missing a payment or a deadline could be disastrous for your credit and financial stability.
Ensure that none of your important expenses fall through the cracks by creating a budget calendar.
Stay On Top of Due Dates
Consistently paying your bills on time could dramatically improve your credit score and payment history.
Every late payment has the potential to tank your credit report. This could negatively affect your ability to obtain credit, or even land a job.
Add every single due date to your budget calendar, no matter how small.
It may also be helpful to set alarms when important due dates are coming up.
Setting alerts on your phone or other mobile devices will help you get into the habit of reviewing your calendar on a regular basis.
Consider Variable Expenses
Static expenses, such as rent payments and credit card bills, are easy to schedule since those due dates rarely change.
However, you may be surprised at how easy it is to forget about one-off or variable payments.
Other bills such as groceries, car repairs, and medical expenses can come up at any time. If you are currently handling any active bills, make sure to add these payments to your budget calendar as well.
Some expenses don’t have a set repayment date. In this case, you can create your own by setting regular installments that align with your budget and personal circumstances.
Don’t Forget About the Fun Stuff
While you might not be worried about how much you spend on movie nights and take out, those expenses add up quickly.
Adding your auxiliary costs to your budget calendar can help you stay organized – and accountable.
You might be shocked at how much you actually spend, as well as where you can cut back if needed.
Plan for date nights and vacations to keep your finances in order along the way.
Get Ahead
The most important reason to use a budget calendar is to keep yourself financially accountable at all times.
You can also use your calendar to plan ahead by filling it with repeated or routine expenses.
Planning for future car maintenance costs, education payments, and other random bills will take some stress out of the repayment process.
Keeping future costs in mind will help you to allocate funds accordingly, while also providing you with peace of mind.
Schedule Savings Payments
Bills are important but don’t neglect your savings or retirement plans in the process.
Saving money for a rainy day can keep you out of trouble if you happen to experience an accident or other unexpected expense.
Most experts suggest keeping an emergency fund that can cover at least three months of living expenses.
To simplify your savings account, just add a regular payment to your budget calendar.
Treat your savings payment just like any other bill, and adjust the amount accordingly based on what you can afford.
Try to put away as much as possible, and make sure that you can commit to the installment amount that you set.
To make the process even easier, you can also set automatic transfers so you don’t have to worry about scheduling the payment.
Prioritize High-Interest Expenses
For those of us who are carrying debt, it’s helpful to take care of high-interest accounts as soon as possible.
Handling high-interest debt first will save you money in the long run. The longer you carry a balance on a credit card or loan, the more you’ll end up paying in interest over time.
If possible, you should also allocate larger amounts for your high-interest payments. This will help you to pay off your debt in less time.
Getting on top of your finances doesn’t have to be a headache-inducing process. Creating a budget calendar will help you stay ahead of your due dates by keeping all of your payment information in one convenient place.
