3 Apps for Managing Your Bill Payments – You should get in the habit of paying your bills on time. Missing that due date can lead to more than a late penalty as a slap on the wrist.
Over time, repeatedly paying your bills late can damage your consumer credit score. And a lower consumer credit score can make it much harder to apply for loans. You might find that your loan applications often get rejected, and when your applications get approved, you’re offered lower amounts and higher interest rates than anticipated.
You don’t have to deal with this problem when you pay your bills on time. If you struggle to do this consistently, these are three apps that can help you:
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1. Mobile Banking App
Do you have your bank’s mobile app on your smartphone? You should. With a mobile banking app, you should be able to automate your bill payments. The funds will automatically be sent from your checking account on the bill’s due date. So, even if the due date completely slips your mind, the provider will still get paid.
There is a small risk that comes with automating bill payments. You will have to make sure that you have enough in your checking account to cover the bills. Set up a low balance alert in your app. It will warn you that your checking account funds are running low and need replenishing. You can also follow a personal budget to organize your expenses, including all of your bills for the month.
2. Budgeting App
If you want to be better at paying your bills, you should download a budgeting app on your smartphone. Why? There are two excellent reasons for this: budgeting apps can help you plan for payments and sync with your financial accounts.
Planning for Payments
You don’t want to assume that you can handle the bill when the due date arrives. You want to be completely sure that you’ll have enough in your checking account to pay for it. With your budgeting app, you can add your bills as payment categories. This is easier with recurring payments that stay relatively the same every month. Variable expenses, like credit card bills, may be harder to plan for.
Syncing with Accounts
Many budgeting apps can sync with your financial accounts, including your credit cards, outstanding loans, and even your tax estimator. So, for instance, you had an emergency expense and didn’t have enough savings available to pay off the expense right away, so you turned to the resource CreditFresh for help. Through this website, you applied for a small personal loan. If your loan application was approved, you gained access to temporary funds to cover your emergency expense in a short amount of time. Afterward, you took on a steady repayment plan to return what you borrowed.
Your budgeting app can help you keep track of your repayment plan so that you pay your bills on time. This will minimize your risk of making late payments — or worse, defaulting on payments — in the months after taking out the loan.
3. Bill Tracking App
If you’re not comfortable automating your bill payments, you can download a bill-tracking app like Prism or Bills Monitor to help you manage your numerous bills, from your cell phone bills to your streaming subscription fees. The app will track all of your bill payments and send you reminders whenever a due date is coming up. With a reminder, you’ll be far less likely to forget the due date and get charged a late penalty.
Managing all of your bills doesn’t have to be a struggle. Download these apps onto your smartphone to make the chore much, much easier.
