Money Management John on 05 Jan 2009 03:42 pm
Pay Bills On Time
Finding spare cash to save (and invest) is quite a challenge for many people, unfortunately. However for many there’s an easy way to find an extra £20-£50 or even more per month to invest - pay your bills on time!
Simply put, paying your bills on time will reduce the level of late payment fees you pay. Given such late payment fees range from £10 to £50, that alone could be a significant saving on each bill. On top of that, the easiest way to make sure you’re not going to be late paying is to switch to direct debit payments and many companies, especially the utility providers, offer a discount if you pay by direct debit, which could save you another £10-£50 per month.
Additionally if you pay by direct debit you’ll usually know what you will be paying and when. You can then schedule your payments to ensure you don’t go overdrawn and incur interest charges on your bank account, or if you’re already overdrawn don’t exceed your overdraft limit and incur additional over-limit charges.
