Bills are often a source of stress or annoyance for people in the modern era. Of course, bills can also be symbols of independence and self-directed living, leaving some people feeling great about themselves. However you, personally, feel about your bills, you probably know that you’re supposed to pay them by a given date.
In some instances, it might seem like there’s no drawback to paying a bill late. Sometimes a few days don’t seem to make a difference. Even if you do not perceive the difference on the surface, this doesn’t mean there isn’t one. The following will explore just one aspect of having bills to pay in detail: the value of paying your bills on time.
One of the biggest reasons to pay your bills on time is the impact this has on your credit. When you pay your bills on a delayed schedule or not at all, your credit score takes a hit. Your credit score is what determines whether companies give you credit or whether mortgage providers offer you mortgages. It’s also something that could possibly influence more aspects of your future as some countries are developing social credit systems. While terrifying, social credit systems are not impossible. More and more politically-involved people are seeing them as a solution to the problems that they’re focused on. Taking care of your credit score may or may not be part of taking care of your reputation and the opportunities available to you in the future.
Owing money is one of the most stressful things there is. Feeling the weight of debt can be crippling and result in brutal mental health scenarios. Studies have also found that mental health damages caused by debt can also negatively influence your physical health. This is a particular concern as it’s currently estimated that 70% of people between the ages of 20 and 30 in developed countries are living in debt. While paying one bill might not seem like it helps, especially if your debt feels a bit like a mountain, studies have shown that this isn’t true. The greater your debt burden, the greater the distress you feel on a psychological level, and this means that every little bit you pay off does improve your health.
Studies have also found that people who are in debt behave differently than those who are not in debt. Often, people with debt will skip things they need like medical appointments, eye care, dental care, or purchasing enough nutritious food. Again, the more debt a person has, the stronger the impact on their daily actions. Daily habits are what construct your life, and this means that little tweaks to your debt scenario are vital for positive change in your overall life.
Another major issue in today’s landscape is people’s plummeting sense of self-worth. An overwhelming amount of people think of themselves and their fellow humans as disgusting, evil, problematic, selfish, lazy, or harmful. Putting in the effort to prove to yourself that you have good qualities can help shift your view of yourself. If you have paid your bills on time for several months in a row, it will be a lot easier to see yourself as someone who keeps their word and acts on their promises. It can also leave you feeling like someone who is on top of your life.
Taking the time to figure out how to pay your bills on time can involve a few simple steps. First, figuring out when your bills are due can help you plan ahead and ensure you have money set aside for your subscriptions and other regular bills. You also want to be aware of how long different payment methods take and plan accordingly. As well, if there are things that can only be done during certain hours, like dropping off a cheque to a local business or mailing something out, be sure to check the hours when this can be done, taking into account the specific tasks you need to accomplish. One post office in Fairfield, CA, for instance, has standard hours but also bulk mail acceptance hours. You don’t want to show up with bulk mail at a time when the office isn’t equipped to handle it.
If you’re running a business, paying your bills on time can also help you build a good reputation with other local businesses. Given the value of community when it comes to growing and developing a business, this is something that absolutely cannot hurt your business and perhaps can even help it.
The above information should have made it clear that there are a few solid reasons for paying your bills on time. If you’re unable to pay your bills on time, you can always reach out and explain to the company you owe. You can also find wonderful financial advice online and in financial offices. Don’t be afraid to ask for help if you feel overwhelmed. Sometimes there are really basic things, like debt snowballs, that you weren’t taught as a child that can make a big difference in your debt situation.