A procrastinator’s guide to paying your bills on time
01 January 2022
It can be hard resisting a quick look at your wishlist after payday. Leaning into these temptations can be fun, but it can mean that new pair of shoes takes priority over bills.
Not factoring bills into your budget can create a vicious cycle of late fees and credit debt – especially if you’re a procrastinator. Rather than resort to debt and stress, read on for handy tips on how to pay your bills on time, and ridding yourself of late fees.
Automate your regular bills with direct debit and recurring transfers
Setting and forgetting with direct debits or scheduling recurring transfers from your account can make paying your bills a cinch by making procrastination a non-issue. It’s one of the simplest things you can to do make sure you’re paying your bills on time. Using the automation your bank account offers can help with the mental admin of managing bills as the money coming out of your account automatically means you won’t need to remember to pay (or put off paying) bills.
To make sure you’ve got enough in your account to cover any bills in the coming month, it can be helpful to schedule your bill payments around the payday before the due date. This is also a great way to take advantage of the on-time discounts offered by some utility companies.
Set up sub-accounts
Keeping all your money in one account can make managing your budget more confusing than it needs to be. It can be harder to keep track of the more important transactions like bills in one account when they’re alongside all of your other transactions like coffee and grocery purchases. That’s where separating your money into set categories can help keep you organised. With an Everyday Options Account you’ll get a main account with debit card access1 for your everyday spending and can link up to 9 sub-accounts2 to help you manage your budget.
You can use sub-accounts to split your income into different buckets. For example, one for bills, one for rent or transport. It’s a simple way to manage your finances, but it also means that by taking the time to prioritise your bills you may be less likely to incur late fees.
Use your banking app
Regularly checking your banking app is a great habit to get into. Finding a regular time to check your accounts – such as lunch breaks at work or the day after payday – can go a long way to help prepare you for bills.
The Suncorp App gives you a clear overview of your Everyday Options Account balance at a glance, making money transfers and monitoring direct debits a breeze. If you want to learn more about how an Everyday Options Account could potentially work for you, feel free to get in touch with us today.
- How the 70:20:10 budget rule can help you get your money on track
- Bucketing your money to help organise your saving and spending
- Ins and outs: the benefits of checking your account balance
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The information presented in this article is accurate as of November 1, 2021 and is subject to change.
The information is intended to be of general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own enquiries.
Deposit products issued by Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”). Terms and fees apply. Read the relevant Product Information Document and Terms & Conditions. Any advice does not take into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.
1 Visa Debit Card holders must be 16 years or older. No card access with sub-accounts.
2 You must hold an Everyday Options main account to open an Everyday Options sub-account (add up to nine).