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Updated: Apr 13, 2023

Align your due dates, change your life: Bill-pay planning is key

Keeping your finances organized and under control can help you avoid crisis. Using a bill paying schedule will help you stay organized and out of trouble.

A financial problem doesn't always have to do with overextended credit or a mortgage crisis. Sometimes it's just about timing. Even when we earn enough money to pay all of our bills, the due dates of those bills sometimes make it difficult to make ends meet. Fortunately, there are ways to personalize your bill payment schedule.

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Change Your Due Dates

Different cards have different rules, but many companies are amenable to you changing your monthly due date. All it takes is a telephone call to the customer service number on the back of your card.

If there is a specific point in the month when you have many bills due and another period without many bills due, why not move around your due dates so they are more evenly spread throughout each month? If you have only a couple of low-payment cards, why not move them to the same due date so you have to keep up with only one date for all of your payments?

Some Things to Consider

While changing your due dates is a viable option for simplifying your finances, there are a few things to consider.

For example, if you carry a balance on your card, pushing the due date back could cost you more in finance charges (a 40-day cycle instead of 30) during the first billing cycle after you make the change. Also, this isn't meant to be a quick fix for a short-term cash flow problem. This change will likely take at least one billing cycle and sometimes two.

While changing your due date does not adversely affect your credit score, making multiple changes to your credit status or multiple inquiries into your credit rating will affect your score, so be judicious when dealing with your finances.


Other Options

Common sense says that the most important thing you can do is pay attention to your due dates and make sure to pay your bills on time. If you are having trouble paying your bills, notify the companies you owe. Keep them updated on your situation, and ask about any payment options they offer customers in your position. Check back with MyBankTracker over the next few days to find other ways to personalize your payment schedule and organize your financial life.