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Become Richer Day by Day

Updated on February 3, 2014
Pay Your Debts
Pay Your Debts | Source

Becoming a Millionaire One Day at a Time

Many people are struggling with debt, especially in this tight economy. Prices are soaring and it seems harder and harder to make ends meet. Is it possible for you to get out of debt and even become a millionaire? I will be truthful with you. While it is possible that many of you can become millionaires, it is not an easy thing to do. In fact, after you have achieved a certain level, you may be satisfied with your financial situation, and stop trying to reach the millionaire milestone.

Improving your financial situation has easy directions. Make more money, and spend less. Just like dieting though, which simply wants you to eat less and exercise more, actually doing these things is not easy. On this and future pages, I will break out the steps for you day by day. If you follow these steps, just one thing a day, you will find that your financial situation is getting easier each day.

Let's get started, shall we?

Pay Your Bills on Time

Paying your bills on or before they are due is an important step in improving your finances. This will help save money in the form of late fees and interest, and helps avoid potential raises in interest rates. Paying your bills timely helps improve your credit rating, which helps reduce your interest rates. It also relieves some stress, so you have energy to focus on more important things. It also helps your sense of pride as a person who is dependable, reliable, and trustworthy. You pay your bills as you promised.

How can you make sure you pay your bills on time? Set up a system. There are many different ways you can set up a system. Here are some ideas - you will probably want to combine some of these to fit your situation.

1. Decide on a date you will pay your bills. On this date, you will make sure you have enough money in your account to pay your bills, and balance your checkbook. This date should be frequent enough that your bills can all get paid on time. Put this date on the calendar, so you remember.

  • You may opt to pay every time you get paid.
  • You may choose to pay your bills twice a month - on the 1st and the 15th
  • You may choose to pay your bills every time you get paid
  • You may want to pay each bill as it comes in

2. Decide on a place where you will keep your bills until it is time to pay them. A simple bill basket or box will be fine, but keeping your bills separated from other mail or papers will help ensure that each bill is remembered.


When Do You Pay Your Bills?

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3. Choose your method of payment.

  • Some people let their creditors withdraw the money from their account. I don't like this method, because if you change your account, you will have to go to many different creditors to ask them to change their information. It is harder to keep track of all the withdrawals, particularly the quarterly, semiannual or annual withdrawals.
  • Some people pay by check. This requires paying postage, but helps some people feel safer than paying online. It is also useful for people who do not have regular internet access.
  • Paying online directly from your checking account is my preferred way. All the payments are done in one place, so changes are easily made. I generally set up one-time payments, but if you are prone to forgetting dates, setting up recurring payments is helpful. Just make sure there is sufficient funds to make the payment.

As you are paying your bills, you find that you do not have enough money to pay them, call your creditors and ask for help. Most will be willing to work with you and extend your payments. Ignoring the situation will only make it worse, as your late fees and interest charges increase, and your credit rating decreases.

Having a usable and convenient system to pay your bills on time is one of the many ways you can improve your financial situation.

Please complete the poll, and let me know your comments my first hub. When you are done setting up your bill payment system, please see additional Millionaire Tips listed below.

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    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      Thanks Victoria Lynn. Staying organized does make sure that we pay our bills on time and avoid those dreaded late fees.

    • Victoria Lynn profile image

      Victoria Lynn 5 years ago from Arkansas, USA

      Good advice. There's no sense in paying late fees. Many votes. Well done!

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      Thanks for your vote and comment 2patricias. Paying bills on time is a great first step on your way to becoming millionaires. I know you can do it.

    • 2patricias profile image

      2patricias 5 years ago from Sussex by the Sea

      This is a useful hub, and we have voted it up.

      We have learned that it works best to pay bills as they come in. It is too easy to forget and incur a penalty charge.

      However, we are still a long way from being Millionaires.

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      Thanks for visiting and commenting Brian. You could just send a link of my hub to all your friends. LOL

    • Brian Weekes profile image

      Brian Weekes 5 years ago from Queensland, Australia

      Good ideas Millionaire Tips. I am jealous - it's just like a hub I was writing. Lol. I might need to make some changes. Good advice though.

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      That's great nybride.

    • nybride710 profile image

      Lisa Kroulik 5 years ago from Minnesota

      Yep! We're living a whole new life these days.

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      Thank you nybride, congratulations on your big turnaround. Hope you have been able to save a great deal of it.

    • nybride710 profile image

      Lisa Kroulik 5 years ago from Minnesota

      I pay everything on the first of each month and then get to enjoy our money for the rest of the month. I've gone from bankruptcy three years ago to a 100K combined income today and would agree with everything you've written.

    • adrienne2 profile image

      Adrienne F Manson 5 years ago from Atlanta

      True, bills are unforgetable.

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      Thank you for your comment Adrienne. I find that having a plan makes things work smoother, because you don't forget a bill, for example.

    • adrienne2 profile image

      Adrienne F Manson 5 years ago from Atlanta

      Voted up! Awesome hub, very informative, and the information is simple and easy to follow. I had to scratch my head on the bill payment system. I will admit that is something I have never really had. I just kind of pay what I can, and what's left unpaid I pay next time.

    • profile image

      Giselle Maine 5 years ago

      Thanks for this helpful hub. Is this article Day One of a series of tips? Anyhow I like how you explain personal finance in an easy-to-understand manner. I'm looking forward to reading more of your hubs.

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      That's so true formosangirl. Once you are late one month, even if you pay in full, chances are you will continue to pay interest for one or two more months.

    • formosangirl profile image

      formosangirl 5 years ago from Los Angeles

      If you don't pay on time, credit card companies love making the interest off you. Then the credit bureau gives you a bad score. Always pay on time.

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      Sinea, tthank you for visiting and for your comment. Yes there are more hubs on the topic, but I did not number them, because you can choose the order, and decide if you even want to participate in any of the savings. They are all tagged millionaire tips. I will try to make them easier to find them.

    • Sinea Pies profile image

      Sinea Pies 5 years ago from Northeastern United States

      Great hub...will there be a Day Two? I don't want to miss it. It took me a long time and some painful lessons to learn that paying on time is VALUABLE! You are right.

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      Thanks for visiting AllSuretyBonds. I agree - paying all you bills on time is very important.

    • AllSuretyBonds profile image

      AllSuretyBonds 5 years ago

      This hub was helpful. I think if everyone would sit down and try to budget things and try to pay things on time it would help many people out to become financially stable turning their finances it the right direction.

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      Thanks Marlo. I will be sure to come look at your pages as well.

    • Millionaire Tips profile image
      Author

      Shasta Matova 5 years ago from USA

      Thank you for your comments. I pay my bills when they come in as well - to make sure they don't get lost. I just set them up on my banking system so they get paid before they are due.

    • blairtracy profile image

      blairtracy 5 years ago from Canada

      Great information! I make sure I pay my bills the day the come in the mail. Or else I often forget all about them. haha

    • MarloByDesign profile image

      MarloByDesign 5 years ago from United States

      I voted in your poll. Yes, paying your bills on time is one step in the right direction for sure. I also enjoy writing Hubs on money, saving money, etc, so feel free to stop by and leave me a comment too please. Have fun at HubPages.

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