Tips: How to Pay your Insurance

June 24, 2016

Paying the bills often becomes a balancing act for us. From sorting out the “priorities” from the ones that you can pay past their due date. We have all been there, finding out how to pay off our everyday bills. Your responsibility now becomes a challenge.

Well, it does not have to be a challenge. Here are a few tips on how you can pay your insurance, whether it is life insurance, health insurance or comprehensive insurance, as well as your other bills.

1. Stick to the budget

For starters you need to be prepared to restrict yourself. Set yourself on a strict budget, you should make a promise to yourself to follow this religiously. You have to restrict yourself every time. Try to list your expenses so you have a loose computation on your average expenditure, that way you can track everything.

Use your cash specifically for food, groceries, transportation etcetera, you can choose to use your credit card for actual emergencies. No, that dress on sale is not considered an emergency.

2. Set aside money on payday

It is always tempting to spend your money right away once you get your paycheck, but you should stop yourself. Stop right there.

Now think of the number of things you have to pay off. Ok good, you’ve calmed down on that spending. It recommended that you allocate at least 10% of your monthly income towards your health insurance and your other bills. The rest you can leave to your savings and your everyday expenses.

3. Make a reminder

We all have a tendency to forget about the looming bills until it’s too late. The saying out of sight and out of mind fits perfectly. So to make sure you do not forget what you need to pay.

Have a visual reminder, have a list of the things that you have to pay. Pin it on a board in your room or have an alarm set off in your phone, a few weeks before the actual due date comes.

Lesson: Be Mindful of your Spending

At the end of the day, only you can discipline yourself. Hopefully you will be able to teach yourself how to properly allocate your funds towards paying your life insurance or your health insurance.

Remember that saving money does not have to be complicated. Make it part of your routine and it will be easier than you expected.