The next big secret to financial well-being is making timely payment a habit.

6:05 pm

Dear dreamer,
In the previous chapters we have talked about financial well-being and health of your wealth. We also looked around the cheesy chemistry of your income and expenses. Now is the time to take it further and learn about the next big secret.

Why be ready for “the date”

Had there been no count of time, the world would be a big mess. The world is connected by the hands of a clock. Things are interdependent. You pay, they receive; they pay, you receive, and it goes on. It’s for the combined benefit that payments should me made on time. Moreover, looking from the personal interest point of view, one’s credit cycle is their reflection in the professional world. And most importantly, this is a good way to save yourself from penalties.

How to be ready for “the date”

Let your brain do the complex thinking
LIST it down on a paper/cellphone/smartphone/laptop/anywhere and let your mind be free and focus on real complex things. Note down every bill – from big to small- that has to be paid. For example – mobile bills, water bills to car loans, and the house EMI. Know your vendors, creditors, and service providers. Differentiate between what can be paid automatically and otherwise.

Know when is “the date”
Now that the list is ready, find out the when for every bill. Track the dates precisely to make the payment cycle smooth and save yourself from the deadly fines.
Tip: some creditors give an option to change the due date, so one can set accordingly.

Set aside the exact amount
To avoid the stress of not having enough to pay at the end of the cycle, the best option is to set aside a bit more than the exact amount much before the due date. But, this scenario might not always be possible, in this case, calculate the minimum monthly payment.
When you set aside the amount, it will also help you to identify where exactly your a portion of your money is going.
Tip: you might want to cut some bills and save money.

Automate, because why not
Netflix, Airtel, Spotify and other modern utilities allow their users to automate their bill cycle, so handle this work to them. For other bills that cannot be automated, make sure to devise a manual payment plan and avoid hassle.

It’s good to be reminded
Calendar reminders are more often enough. But,another approach is to sign up with an specialized app for organizing your money and reminding you about bills. You may also be try getting alerts directly from vendors and creditors.

It’s a cool process – try and see yourself.

To be continued…