Paying money for goods or services that you owe, usually with a recurring due date
(Common) Options for Payment
Auto payment from your checking account (set up online or in person)
Manual payment through mail-in check
In person cash pay
Online manual payment connected to your checking account
Payment over a phone call
Research Monthly Payment Options
Find budgeting methods offered by your servicing companies (gas/electric/etc.) to potentially regulate your monthly charges.
Ex. some companies have a fixed rate program for the heating and air conditioning bills. This is helpful if you live in a radical weather area so you avoid extreme variability in the monthly costs.
Regulate Monthly Payments
This is part of budgeting. Some things like student loans and car payments would be paid automatically, but you must continue to check if these prices go up or down to make sure there is no overpaying or underpaying. Both become problematic very quickly.
Late Payment Fees
Don't do it.
Paying late results in late fees and you will end up paying more than what you expected- especially when it's a credit card. Those late fees can get radically out of control due to their interest.
For Example; One lady I interviewed had some trouble in her past with her credit card payments. She started overspending her budget on clothes, eating out, and other nonessential expenditures. For a while, this happened monthly and she was repeatedly unable to pay back the whole sum. Then, due to the interest she had agreed to in the credit card contract, the unpaid amount grew out of control. It took her a long time to pay this back and recover her credit score.
Paying late damages your credit. This means that it tells loan companies, insurance companies and banks that you cannot be trusted to pay on time and in full.
Credit is important.