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Last updated on 18th of November 2020

Tips To Manage Your Bills

With all of life stresses looming over you at once, it can sometimes feel as though everything is spiralling out of control.

With all of life stresses looming over you at once, it can sometimes feel as though everything is spiralling out of control. Not to worry, with a few tips you’ll be able to better manage your bills and get yourself on track towards a healthier financial future.

1. Setting up Auto payments

To gain control of managing your bills it’s best to understand how to pay utilities, how to pay electricity and other bills. Having auto payments set up will give you the peace of mind you deserve. Be sure to pick a date where you know you will have enough money in the bank to avoid being charged added fees.

2.    Work around your pay day

To ensure you have adequate funds in your account it is best to schedule your auto payment dates as close to your pay date as possible. This is a great way of organising your incoming and outgoing expenses and being able to understand where your money is going a bit better.

3.    Make a payment calendar

If you have monthly fixed fees you can set up a payment calendar with the dates in which your bill payment is due. No surprises knowing exactly when you’ll receive the bill and when payment is due.

4.    Budget, budget, budget

This comes as no surprise, but the only way to manage your funds is if you budget your expenses. Your outgoing should not exceed your incoming funds and it is very important to set up a realistic budget that works for you.

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5.    Focus on debt repayments

To better manage your bills, paying off your credit card(s) or any other debt is key. Because of the high interest rates on credit cards etc it is important to try to minimise your repayment costs so you can focus on other bills. Do not push debt repayment to the side! This will pile up and be detrimental to your financial health in the long run.

6.    Make a debt repayment list

Make a debt repayment list listing your total repayment amount, interest rate and total monthly cost with interest. This will help you gain a better understanding of where your focus should be and how long it will take you to repay each debt.

7.    Manage your utilities

It’s always a good idea to triple check what exactly you’re paying for. Be sure to double check all costs for your utilities is accurate and that you are not being overcharged each month. To do so monitor your monthly meter reading, if there is a dramatic jump or in the reading it is best to get someone in to take a look immediately so that you are not being overcharged.

8.    Spending Score

Have your Spending Score? To understand where you’re spending your funds and how to get or stay on a healthy path, The Spending Score in the Stability Hub is the perfect place to start! Get a real time depiction of where your funds go between your essential, non-essential and savings.

We hope managing your bills is made easier with these tips. To see some more tips to help you check out the Stability Hub now!