How Payment Options Make Life Easier
If you’re one of the 64% of Americans who live paycheck to paycheck, payment options like biweekly payment services can help you feel more financially secure. At AutoPayPlus, we’ve seen thousands of members reshape their finances and budget better with biweekly payments rather than large monthly sums. Here are a few ways biweekly payment options make your life a little easier.
Biweekly Payment Options Bring Convenience To Budgeting.
A survey conducted by the budgeting website The Penny Hoarder found that 55% of American respondents don’t use a budget to manage their income. Even more responded that they didn’t know how much money they spent in the last month! Keeping a budget can be easier than most people realize. Biweekly payments often streamline budgeting and still allow people a bit of flexibility in how they spend their money each month. By breaking large loan payments into smaller, regular chunks, people can still account for emergencies or surprise one-off payments each month.
You’re Often Matching Payments With Your Paycheck.
For many, it’s easier to schedule payments for the same days as a paycheck drop. Money is often top-of-mind on paydays, and people are more likely to take care of bills first before doing any additional budgeting. If you’re paid weekly or biweekly, you can often automatically schedule your loan payments as soon as the paycheck drops. This gives you a better picture of what’s available for the rest of the month while also prioritizing paying off loans.
You Can Pay Down More On Loans With Biweekly Payments.
Biweekly payments rather than monthly payments actually work to your advantage. If you pay monthly, you’ll make 12 payments throughout the year. If you pay every two weeks, however, you make 26 payments each year (or effectively 13 monthly payments). Those additional payments can allow you to pay down your principal faster than you would if you made monthly payments.
Paying Biweekly Alleviates Mental And Emotional Stress.
If you’ve had to pay monthly payments before, you know the “sticker shock” that can come from seeing such a high number each month. Your loans can feel massive each month. But, to paraphrase an adage, you eat an elephant one bite at a time. Biweekly payments take smaller, more frequent bites out of your loan and can give you an emotional reprieve from the stress of larger payments.