There is so much to enjoy in life, and only so much time to enjoy it.
If you set up your bill payments, you’ll have more money – and more time to enjoy it. Spend more time investing in the things that make you happy – like family time or creative projects – and it will pay you back with true satisfaction.
This is what you need to do:
Automatic Payments: If you can’t charge a payment to your card, have it automatically withdrawn from your bank account. Be sure to budget for this. Automatic payments will help ensure that you never miss a deadline, and this could save your credit rating.
Credit Card Charges: Find out how many of your monthly payments can be charged to one credit card. Only use one card and always pay it off at the end of the month, so you don't have to pay interest. This strategy won't help if you pay interest on the charges.
Credit Card Bonuses: Use a credit card that gives you something back. If you love to travel, use a travel card. If you have a retail loyalty program that buys you amazing products, use that. Since I love money, I use a cash-back card.
Call all of your bill companies and set up the bills to be charged to the card. Be sure to check each bill when the statement comes in to make sure you aren’t being charged extra for anything.
I’ve listed my monthly charges below (using the RBC Cash Back card) to show how much money you can make:
| TV and Internet |
$100 monthly |
| Cell Phone |
$ 60 |
| Hydro |
$ 30 |
| Gas |
$200 |
| Insurance |
$150 |
| Gym |
$ 50 |
| TOTAL |
$590 x 12 = $7,080 year |
You can see that by just charging my bills and gas, I put $7,080 on my card. The RBC Cash Back card gives me 1% cash back, which totals $70.80 each year minus the $19 yearly fee.
That is a nice dinner with someone special – on top of all of the time you’re saving now that your bills are on autopilot every month.
That truly is one sweet deal.
Have an amazing week,
Dave
David C. Lester is a Professional Financial and Life Coach and author of the popular Canadian personal finance lifestyle blog, iheartmoney.ca. Throughout his career he’s gained his personal finance expertise from holding advisory positions within various financial institutions. David currently resides in Toronto, ON with his family dearest friends never far away. In his spare time Lester is an active equestrian and is passionate about art.