How to Get a Month Ahead of Your Bills
November 27, 2024 | Posted by: Sherry Corbitt
Costs are going up today in all areas of life. This includes housing, food, and necessities. Many are worried about how they can cope with such drastic increases in living. One of the best ways to manage this inflation is to get ahead of your expenses. Consider some of the best advantages of getting a month ahead of your bill and how you can do so.
Advantages of Getting Ahead
Reduces Financial Stress
One of the most significant stressors is worrying about upcoming bills you have to pay. By paying off all your bills a month earlier, you will be eliminating a large amount of this stress. You do not need to worry about the possibility of missing a payment, receiving late fees, or having your credit score affected. If you ever have an unexpected event occur, by being ahead, you can avoid having to worry about missing paying these bills.
Provides Financial Safety
You are much more secure when your bills are prepared a month ahead. You can know that you are using your money without worrying about going over budget amounts. This is a great safety precaution since many can overlook their expenses for the end of the month and, unfortunately, go into credit.
Acts as an Emergency Fund
Paying your expenses a month in advance can make your budget an emergency. With the leftover money outside of your bills, you can use it towards any serious situation that may arise. This is very useful if you currently need an emergency fund.
How to Get Ahead
Have a Monthly Budget
The only way to get ahead is by starting with a monthly budget. This should include your income and expenses. Determine how much is going towards bills and how much is not being used. When you have your first month’s budget prepared, you can then apply this budget to the following month coming up. Make sure you write down both months separately to ensure you do not confuse which months you have already paid your bills.
Saving Your Buffer
If your income is tight right now, getting a month ahead with your bills can be difficult. To make this more possible, you should save a buffet to make this possible. But, you may wonder, ‘how can I save, let alone get a buffer? There are various savings ways, such as increasing your income or cutting some of your costs. Doing so can make a big enough buffer for your next month.
Cutting Unnecessary Expenses
One of the best ways to get ahead of your bills is by cutting unnecessary expenses. We should take the time to examine what areas in our life are draining our finances. Then, take a look at such areas and determine necessities and what you could live without. Even cutting even a few hundred dollars in such areas can make planning for your next month’s bills much easier.
Although inflation is undoubtedly on the rise, you can certainly beat it. By incorporating these strategies in your life, you can stay ahead of your bills. Please reach out to me if you have any questions, I am always here to help with your mortgage needs!
Your Broker for Life,
Sherry Corbitt
Sources:
Gobler, Erin (2022). How to Get One Month Ahead on Your Budget. Erin Gobler. Retrieved from
https://eringobler.com/budget-one-month-ahead/
Leach, Jenn (2020). How to Get One Month Ahead on Bills in 30 Days. Making of a Millionaire. Retrieved from
https://themakingofamillionaire.com/how-to-get-one-month-ahead-on-bills-in-30-days-756b8e866c8d
