There are some clear reasons why it makes sense to pay bills on time. Depending on the situation, keeping up with payments can help to avoid potential late fees, added interest charges, a knock to your credit score, the loss of a service or possession or even a combination of these.
Thankfully, there are also some straightforward ways to stay on track. Take a look at these tips.
1. Make a list of your bills
A good place to start is to make a record of all the bills you need to pay, including the name of service providers or people to pay, the amounts and when they’re due, so that you don’t miss a payment. Many bills, like a mortgage, rent or car payment, are recurring fixed amounts which are easy to plan for while others can vary. The Consumer Financial Protection Bureau recommends displaying this information in a bill calendar as a handy reference.
2. Review your payment due dates
Remember that you’ll need enough money in your bank or other chosen account to pay each bill. With that in mind, you may want to adjust your payment due dates, where possible, with your service providers. Often, companies will enable you to log in to an online account to make an update.
3. Think about how you pay
Look into the payment options offered by each service provider, too, to make sure you’re making the right choice for your situation. Some common ways to pay include debit cards, ACH, online and mobile payments, checks, money orders and cash.
Be aware that you may have to pay a fee according to the payment method you choose and who you’re paying, and that the time it takes for a payment to process is typically different across payment methods. Make sure you know which options are free, which require a fee, and plan for processing time as part of your research.
If you have a recurring bill, consider setting up automatic payments to ensure you are on time, every time. For a credit card or other types of account that involve repaying a debt, it could also help you build a record of reliable payments which can benefit your credit score. Another approach is to set up payment reminders via text or email.
4. Make time to pay
Once you’ve got a clearer picture of the best way to pay each of your bills, you’ll still need to set aside time to make payments that aren’t paid automatically. One option here is to commit to a regular time to submit those payments. It’s also an opportunity to review your statements, check for errors and make sure you recognize all of the charges.
Managing your vehicle payments
Getting a vehicle finance contract with Santander Consumer USA sets you up for a convenient route to managing your account and payments. You can sign up or log in to your account at MyAccount.SantanderConsumerUSA.com to enjoy access anytime, anywhere.
Once logged in, MyAccount lets you easily select your preferred payment option, including free Auto Pay and ACH options, make and schedule your payments, opt in for electronic notifications and more. Take a moment to log in now to check your settings, and look out for new MyAccount features and updates in the future.
