The best way to stagger your automated payments
You know what it’s like: A new month begins, and suddenly your bank account is hit hard by multiple automatic payments on the same day. Rent, utilities, subscriptions, loan payments – all at once, it’s a devastating blow. Instead of letting your account drain all at once, it’s better to spread out the automatic payments throughout the month.
List your automatic payments
First things first: If you haven’t already, you should Automate your finances. Credit card payments, rent, pension contributions – everything. Make a list of all your automatic payments and when they typically arrive in your account each month. Record important expenses like rent and car payments compared to more flexible subscriptions like B. your streaming services.
Prioritize necessities
Highlight fixed expenses that have fixed due dates, such as rent, mortgage, car payments and minimum loan payments. These should occur at the beginning and middle of the month.
Distribute the rest
Now distribute the more flexible bills (utilities, Netflix, gym membership, etc.) evenly over the rest of the month. Most companies allow you to choose a payment date, so take advantage of that. Here’s an example of a schedule so your bank account doesn’t take a big hit on the first of the month every month.
Reconcile paydays
Another tip is that you should try to make some larger payments a few days after your paycheck is deposited. This gives you a cushion and avoids overdrafts.
Manual verification
After the scheduled automatic payment date, check whether the transactions occurred as planned. Once you understand the dates and amounts of your payments, you can review your most recent transactions for discrepancies. Because even though most automatic payments make your life easier, you should be aware that some you in the end too can cost something.
Also read:
Those: lifehacker.com
2023-12-29 16:25:21
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