News & Events

Pay Now or Later: Sorting Your Priorities for a Stable Financial Future

“Which one should I pay first?” This is probably the question you’re asking each time you receive your bundle of bills. It isn’t easy to budget your financials, especially if all of your subscriptions are urging to be fulfilled in one way or the other. The thing about expenses is that they will remain at your grasp unless you pay them off. It’s like trying to cook rice while watching your favorite soap opera. As much as you’d like to focus on what you’re watching, you can’t, as leaving off the rice to cook all by itself would result to a very toasty lunch, or worse, a burnt kitchen. Every bill has their own due date, and not paying off the whole amount before that said due date would either result to a penalty or a disconnection, and both are something that no one wants to pay extra for.

Now, everyone seems to have the habit of spending all their money in one go, paying their bills while going for groceries after. It may seem wise at first glance, as the notion of “hitting two birds with one stone” would always come to mind. However, this isn’t always the case. Paying off all your bills during the same day as your grocery restock also has its disadvantages. For one, all of your budget would usually be allocated towards your bills, thus, your groceries would be limited to the ones that you can purchase with whatever’s left of your money. Aside from that, there may also be emergency situations which would require you to shell out a certain amount, and that would be bad if you have nothing left. Of course, there’s nothing wrong about paying your monthly obligations, but there is a far better and practical way of paying them, in order for you to still have a few extra savings by the end of the month.

The Battle of the Due Dates

Out of all the bills you’d receive every month, the electric bill would be your most crucial dark horse. There is no question; electricity is a must-have for all households. Take that away and you have no cold water, no cool air, no light, and no entertainment. It’s just a necessity that somehow everyone takes for granted, yet, creates a huge impact when it is absent. Of course, you need air and water to live, but electricity is somewhat a catalyst when you want to experience comfort on a daily basis. With all of that being said, this should be your number one priority. If you think a few minutes of brownout is bad, having no electricity for a week because you missed the due date is much worse.. Pay all of the pending amount if you have to, just don’t let your electricity go.

Depending on the interval, right after your electricity bill would be the water bill. Admittedly, these two bills compete for the top spot, with regards to their due date. You might even receive them around the same time that you begin receiving your monthly bills. However, there is a short pause among them, which is why you should not pay them simultaneously if you know that you’re going to end up short on cash even before the other bills arrive. Pay for the electricity bill first, and then when the water bill arrives, be sure to sort out your budget. If it is enough and you have a little extra amount for food and groceries, feel free to pay off the water bill as well. If your budget would not permit you to accomplish all of this, then take notice of your water bill’s due date. You may need to adjust your grocery list, lessen the items to buy without compromising much of your essential needs, find ways to earn a little extra or wait for your next payday (if possible), just make sure that the water bill gets paid at least a day before the due date. Your last option would be to borrow cash from a well-trusted friend or family member, though make sure to pay them back once you get your next pay. This is for when you don’t really want to get penalized or your water lines cut. It isn’t easy to borrow money from other people, but it’s practical and understandable.

With the main essentials out of the way, we may now talk about your luxury bills, such as your cable connection and your internet connection. Entertainment is important, but not as important as water and electricity. Still, if you want to maintain your means of entertainment, be sure to keep it at the bottom of the list. The penalties for non-essential bills are pretty much manageable compared to the essential ones. The same goes for your internet connection. Communication is very vital, especially during these hard times, but you can very much survive with a few prepaid subscriptions, both for data and for calls. If you’re the work-from-home type, then perhaps you can place your internet connection a notch higher than your cable connection. The good news is, there are some companies who are offering both of these in a bundle deal. Whether or not they’re affordable would be up to your budget, so feel free to analyze your earnings before making a big decision when it comes to these subscriptions.

As with all advice on the internet, these may vary with your current situation and monthly income. If your monthly income enables you to pay all of these with no hassle then you are very much blessed, proceed to pay as you wish. But if that’s not the case, then you may follow these tips with a few personal discretions, depending on your current budget.

With all of these in mind, you may be looking for a well-trusted name that would safely value the security of your hard-earned money and savings during these hard times. Well, look no further than Cebuana Lhuillier’s Micro Savings. At its core, it aims to provide easier banking access to all Filipinos. The product is almost the same with any regular savings account in the Philippines, but doesn’t require a maintaining balance. It is also streamlined across all Cebuana Lhuillier branches, so you’d be able to experience the same wonderful Micro Savings product without missing a beat. For more information, feel free to visit the nearest Cebuana Lhuillier now!