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personal finances

6 Ways To Manage Your Credit Card Payments

By: kjmena


Keeping up with monthly credit card payments is hard enough, but when combined with little organization, it can be almost impossible.

The best way to manage your credit cards and credit score is to stay organized. There are certain methods you can setup for yourself so that you aren’t forgetting any payments and you stay on top of your finances.

 

1. Make a list of all of your outstanding credit cards.

Make a complete list of your current credit cards so that you have a full profile of your monthly credit obligations. In this list, it will be helpful to include the outstanding balances on each card. You will be aware of how much debt you still owe and be able to setup a more detailed plan for tackling your debt.

 

2. Create regular reminders for each payment.

When it comes to making multiple payments, having reminders in place will keep you on track and avoid missing a payment. Set up reminders that you will actually notice and that are obvious. A reminder that doesn’t remind you of your scheduled payment is not going to be very helpful.

A good reminder, should be something that is in your face and that comes regularly. If you need to have a reminder weekly or even daily, then make sure to set it up. Part of being organized is planning for all outcomes, even the unexpected ones. Setup reminders for reminders if necessary.

 

3. Change your payment schedule so your payments are due around the same time.

At first, having multiple payments at one time might seem like too much for your budget but it will be helpful in not missing a payment. Don’t put all of your payments on one day, but if you have 4 or 5 payments due at different times in a month. Make 3 of them for one day and the other 2 for a different day.

The point is to group your payments so that you will be more likely to not forget a payment. Also be sure to make this date the same for every month. After a couple of months of paying on the same day, you will start to expect and plan for your payments.

 

4. Setup autopay for your monthly payments.  

Autopay is an automatic method of paying your bills that is linked to your bank account.  When you setup autopay, your bills are automatically paid by taking the funds straight out of your bank account linked to that bill.

This is an easy way to never forget to make your payments on your credit cards. Also an easy way to keep your payments organized without having to do too much work.

 

5. Transfer balances to one credit card.

This is an option for anyone who wants to only manage a single credit card payment a month. You can transfer your balances from your other cards to a new card with a low interest rate and then make one payment a month on your credit cards.

There are a couple of balance transfer cards that have 0% interest. You should check to see if you qualify for one of these cards and if you do consider transferring your balances. This method will make it easier to make your payments on time and not fall deeper into debt.

 

6. Seek professional help if you feel overwhelmed by your credit card payments.

Credit card debt can get overwhelming especially when you have multiple outstanding credit cards and are trying to tackle a large debt load. A professional will be able to help you create a plan and manage your credit card payments.

An expert is a great resource for financial planning and will be able to guide you toward your financial goals.

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