How to Manage Your Payables Well

With the surge of easy purchasing of wants through e-commerce platforms in the country and with “pay later” plans seemingly available for everyone nowadays, payables might pile up. Convenience, while tempting, can easily spiral into problems if left unmanaged.

However, with mindful habits and practical strategies, you can keep your payables under control without compromising your financial stability.

Stay Organized with Reminders

Managing payables starts with knowing what’s due and when. Make use of reminders on your phone, apps, or even physical calendars to track payment dates. Apps like Google Calendar, Apple’s Reminders app; or budgeting tools such as Mint or Goodbudget can be set to alert you days in advance of a due date, ensuring that you never miss a payment.

If you prefer traditional methods, a planner or sticky notes on your workspace can also serve as effective reminders.

Consolidate Your Bills

Having multiple payables from different sources—such as buy-now-pay-later schemes, utility bills, or credit cards—can be overwhelming. Consolidating these bills into one platform or account, whenever possible, can simplify the process.

Some credit cards offer features to combine various payables into a single bill with a clear breakdown of costs. Likewise, platforms like Shopee and Lazada often allow users to manage installment payments directly on their apps, giving you a clearer view of what’s outstanding.

Automate Payments When Possible

Many banks and financial platforms allow you to set up automatic payments for recurring bills. This can help you avoid late fees and maintain a good credit score.

However, make sure to monitor your account balances to avoid fees if an automated payment goes through unexpectedly.

Reevaluate and Adjust Spending Habits

If your payables consistently pile up, it may be time to reassess your spending habits. Analyze your transactions over the past month and identify patterns in unnecessary spending.

Consider pausing the use of “pay later” schemes until your finances are back on track.

Payables don’t have to be a source of stress. With discipline, you can stay on top of your bills, maintain your financial health, and still enjoy the convenience that modern payment systems provide. (GFB)