Financial Tip of the Day, Number 6: Pay Things On Time!


We’re back with my friend, Renee who is here to share her top ten financial tips to help us become better stewards with the funds God has entrusted to us. Let’s jump right in!

This simple factor is 35% of your credit score. It demonstrates your level of financial responsibility. You may not think the couple of dollars difference on your water bill from paying on time to paying the increase after a certain date hurts much. It does. It creates a habit of slacking financially which can lead to real trouble down the road. 

A lower credit score can affect your ability to purchase a home or car, and it can make the difference between a good interest rate and a bad one. Interest is the amount you pay that is above what you borrowed just for the privilege of borrowing money. For instance, on a $1000 loan, you may make payments of $110 each month with just $10 each month in interest, and at the end of your loan you may pay back $1200. If you have a poor interest rate, however, you may make payments of $130-150 a month, and for that same loan you’ve paid $500 in interest instead of $100. 

If you have to choose between what to pay, you need some financial counseling to help you make the best decisions and get out of that situation. If you have a great history of paying on time and a bill slips by for just a day or two, call and ask (sweetly and taking full responsibility) if they will waive the late fee. They may keep that mark off your record and save you a few bucks if you have demonstrated faithfulness in paying in the past. It never hurts to ask.

~ Renee

Okay friends, your challenge today is to make sure you know which of your payments report to the three credit reporting agencies. This can include doctor bills that you may have let slip. If you have not done so in the past year, you are legally allowed to request your own credit report for FREE from the credit reporting agencies. Once you receive it, look to see how your on-time history compares with what you THINK it looks like. If you can make improvements, start this month with paying your bills on time!
Stay tuned for the next financial tip in our top ten series.She is free… to harness her finances and be an amazing steward for God!

~ Karen

 Renee Renner is a former accountant-turned-domestic-engineer, and the Vice President of Team Hope, a local mission supporting the Homeless in our community. She is mom to three boys, and her husband’s biggest supporter. She firmly believes that we should be good stewards, is happy to help those who need more help in this aspect of their spiritual and personal life, and is the epitome of a Proverbs 3:9 woman for God.

photo credit: Βethan via photopin cc

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