Missing a car payment is a bad idea on many levels. It adds to your overall costs, it means you have less flexibility with your lender, and generally will just make your life that much harder. So, how do you make sure the check is always in the mail?
The simplest answer? Let a robot do it. Many lenders will allow you to set up an automatic debit to your bank account set to a specific time of month. You may already do this with your loans and credit cards; it’s a popular solution in the financial industry.
Automation has a lot of value; you don’t have to remember to pay the bill, you don’t have to chase down an envelope and a stamp to send the check, and you don’t have to add going to the dealership to your list of monthly errands. You just get your bill paid, automatically, every month. However, if you’re on a tight, tight budget and concerned that a paycheck might not go through, consider another option.
Set A Reminder On Your Phone
The next technique is fairly simple as well, if you’ve got a cell phone and it has a calendar on it. Set a reminder on your cell phone for at least a week before your payment is due, and for a time where you know you’ll have a moment to take care of it, such as after dinner or in the morning as part of your routine. Then, just make the payment when you’re prompted and keep on driving. Paying early ensures you’ve got your bases covered, and that you won’t have to rush to get a check in the mail.
Set Aside A Piece Of Your Paycheck Every Week
Another method of making sure you always pay for your car is to set aside a small amount of money for it from each and every paycheck you get. For example, if you sign up for direct deposit, some companies will allow you to direct a certain percentage of your paycheck towards a specific account, so you can send your car payment money to a checking account designed just for that purpose.
Or you can simply take the money out of your bank account and put it in a safe place for depositing when you pay off your car. Either way, if you make sure the money has been set aside, you’re less likely to forget the payment, or worry about having the funds in your account at the last minute.
Pay It The Day You Get The Bill
If you’re worried about forgetting the payment, the simplest way to keep that from happening is to pay it right away. If it’s at the forefront of your mind, and you can simply pay it now and focus on something else, take a moment when the bill arrives in the mail to sit down, write out the check, put the stamp on the envelope, and put it in the mail. If you’re waiting for a paycheck to go through, you can still get the payment ready and leave it in a visible place so you can mail it out the minute you can afford to.
No matter how you do it, make a point of using the tools available to you to get your car payment covered. In the long run, you’ll be happier and healthier for doing so.