Subjecting yourself to late fees, reconnect fees, finance charges or services charges is the easiest way to ruin your future financial well-being.
Here’s an example from a co-worker recently. On what was to be a busy day at work with an important monthly meeting, she woke up to no hot water. She knew the problem immediately: she hadn’t paid the gas bill. It wasn’t that she didn’t have the money, she just ignored the regular monthly bill, and the second monthly bill with the late fee and now two months’ services owed, and then she ignored the disconnect notice. Well, usually, she said the disconnect notice comes with a grace period. She’d done this before several times.
Well, this time the service was disconnected. What was the financial penalty? A reconnect fee, and a few hundred dollars to set up a deposit, and she had to take a half day off work to meet the technician to turn the service back on at the house.
Ignoring bills and being disorganized comes with a pretty high cost. Setting up systems to take care of regular bills will serve you well in life.