Determine Who You Owe Money to and How Much You Owe Them
To do this, you need to make a list of all your debts and include information such as the creditor, the total debt amount, monthly payment, and the date the debt is due. A credit report could help in confirming the debts listed. When you see all the debts you have, you could realize how important it is to pay them and be more aware of making one.
It is crucial to check this list every period especially during the time your bills are near their due date. It is advisable to update this list for a couple of months since the amount of debt could change.
Pay Bills on Time
When bills are paid at a later time, it will be more difficult to pay since there could be a penalty for the missed payment. For instance, if you missed 2 consecutive payments, the interest charge can increase.
One way to do this is to utilize the calendar on your smartphone. Enter the payment schedules and set a reminder a few days before the due date. In case you missed a payment, pay it as soon as you remember it instead of waiting for the next due date.