5 Tips For Paying Monthly Installments On Time

Once you’ve secured an apartment, life becomes a little more manageable. Apartment residents gain access to convenient amenities, a helpful staff/maintenance team, and, oftentimes, a killer location. All you have to do is keep up with your monthly installments, and you’re set! Not to mention, making timely monthly installment payments will increase your credit score, keep you in the good graces of your community’s management, and prevent you from incurring any of those pesky late fees. Clearly, paying your monthly installments on time is pretty advantageous.

Below, the Union on 5th provides a few tips to help apartment residents keep up with their monthly installments. Contact us today to schedule a tour of our apartment in Pittsburgh!

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Mark The Due Date On Your Calendar

To help you remember when it’s time to make a monthly installment, mark the due date, as well as the days leading up to that date, on your calendar. The simple act of physically marking a day on a calendar can help you commit the importance of that day to memory and ensure you don’t accidentally pass it without making your payment. Additionally, if you have a smartphone, mark the same days on your digital calendar and add alerts on the days leading up to the due date.

Set Up Automated Payments

These days, many apartment communities will allow their residents to opt-in to letting their accounts be automatically charged on their monthly installments due date. If you’d like to eliminate the possibility of human error, check with your apartment community and see if they offer this payment option. Keep in mind that your account will need to have the available funds in it on the same day every month. See if you can set up a dual savings and checking account with your bank to be safe. This way, if you’re ever low on funds in your checking account, money can be immediately transferred over from savings.

Have Somebody Remind You

Having a friend or family member remind you of your upcoming monthly installment payment is a simple and effective strategy. If you know that you’re a forgetful person, enlisting another’s help is a smart move. A responsible friend or family member will likely have no issue taking some time out of their day to shoot you a text or give you a call to ensure you don’t miss your payment.

Make A Monthly Budget

Remembering to make your payments won’t be of much use if you don’t have the necessary funds. Accordingly, consider making a budget. Sit down, examine your spending habits, and look for unnecessary purchases you can cut out of your life. Consider dividing up your monthly earnings into separate categories such as living essentials, savings, and leisure. Going forward, keep track of your spending habits. Eventually, you’ll be able to instinctively tell whether or not a particular purchase will put you in deficit for the month.

Use Positive Reinforcement

Positive reinforcement is designed to reward us for good behavior and encourages the formation of new habits. Obviously, paying your monthly installments on time can be considered good behavior — so reward yourself for it! Whether it’s doing something fun like going to see a movie or something as simple as treating yourself to takeout, positively reinforcing the good habit of paying a monthly installment on time is a great way to ensure you continue to do so going forward.