It is one of those times when you realise that you really have become an adult. The first sign was when you heard yourself saying things that your dad used to say to you. The second sign was when you booked your own dentist appointment. Then the third and final sign was when you had to pay your own Council Tax bill.
We can all worry about our finances and we can all let it slip our minds. We work hard and just assume that it will pay the bills. We move into an appropriately sized house for our wage and manage to get the bills paid just in time.
Life shouldn’t be about just in time payments. We’re adults now and we should be able to plan when payments need to be made and when wages will be paid. It is no surprise that every month bills go out on the same day and that your wage will always come in on a set date.
With the advantages of online banking making our every whim and want achievable, there are no excuses good enough to not take hold of your finances.
There are some things you will need to know before you can shape up your banking. You will need to know the date you get paid, if it is the last Friday in a month, then you should plan to make your payments on the first of the next month.
You should also know the days when your bills automatically leave your account. You may well have different bills for your phone, gas, electricity, TV, broadband, NetFlix, Amazon Prime, Council Tax, rent, loan repayment.
It does not matter how many bills you have to pay, you just need to know when they will be due and how much they will be.
Set yourself up a separate online account. You won’t need any fancy perks, just an online account where you can move your money into. Then you need to change all of your bill payments to this account. It might seem like a hassle in the short-term, but once this is all set up, it will sort itself out for the rest of time. Once all your bills are being taken from the same account you can finally get a grip on your finances.
Set up an automatic transfer from your normal account where your wage gets paid into. This should be for the total amount of all of your bills. If you can afford it, just send a little extra over as an insurance. After a few months this will be able to pay your phone bill, so you are not losing any money.
Then you can sit back and never pay a late fee or an overdraft fee ever again. It is all automatically taken care of. You probably won’t even see the money going in before it goes out and takes care of all of life’s essentials.
You’ll be amazed at how much this helps you control your finances again.