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How to Never Miss a Car Payment in Binbrook

How to Never Miss a Car Payment in Binbrook

We all live busy lives and have a lot going on. We also have lots of different priorities pulling our finances in different directions. So, how can you stay on top of your finances and ensure you never miss a car payment?


Staying on top of your Binbrook auto loan payments is actually easier than you might think. We’ll explain the process and show you exactly how to organize your life so you never miss a payment.


Binbrook auto loan payments


Setting up your plan will take a little while but once done, requires minimal effort to maintain. In return, you can see exactly what’s coming in, what’s going out, whether you’re living within your means and can afford an auto loan.


Oh, and all your bills are paid on time too and you'll never miss a car payment!


Create a household budget


Your first task is to create a simple spreadsheet for your budget. Have a column for your income, a column for all outgoings and a column for all debts. Fill in as much as possible, including everything you regularly spend money on.


Order any debts in order of interest rate with the most expensive at the top.


Set up online accounts for everything


Set up an online account for every bank account, credit card, auto loan and utility. While you won’t necessarily need them now, it’s easier to make an emergency payment if the account is already up and running.


Create automatic payments for every outgoing


Set up automatic payments for every bill you have if you haven’t already. If you can set the payment date, set it for the day after you get paid to make sure there is enough money around to pay everything.


Set up a minimum payment for all credit cards but aim to clear them in full each month. The automatic payment is just there to ensure you never miss one, not to replace paying in full.


Set a payment calendar on your phone or computer


Set a reminder for any payments you cannot make automatically on the device you use most. If you sit at a computer all day, set a reminder there. If you live on your phone, set the reminder there.


When you see the reminder, get into the habit of making the payment there and then rather than delaying it until later.


Set up automatic savings


Your new household budget should have identified if you have money left over each month for savings. If you do, set some aside for emergencies by making an automatic payment to a savings account alongside your bills.


Pay as much or as little as you can afford, but make sure to save something. Having savings around for emergencies means not having to use credit cards or other forms of borrowing.


Organize your money


These tips are optional but useful.


Set up a spending account – Make an automatic payment each month into a discretionary spending account for you to use for family events, entertainment and general use.


Set up secondary savings – Once your emergency fund has $5,000 or so in it, set up another savings account for longer term savings. This will pay higher interest and can be used as an auto loan down payment or something else.


We’re not going to pretend that managing money is easy, because it isn’t. The process is simple enough but making finances stretch can be tough. But with a little organization, anything is possible!


We will use all our skill and experience to deliver the lowest possible Binbrook auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.


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Categories: Auto Loan

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