Become Richer Day by Day
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?
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.