For many Filipinos, managing household utilities can feel like a constant balancing act. With the rising costs of electricity, water, and telco services, utility bills can quickly become one of the largest monthly expenses for families, putting a strain on household budgets. Fortunately, there are many simple yet effective strategies you can adopt to take control of your utility expenses. Making these small changes to your utility bills management can help streamline your bills payment process and reduce your monthly expenses. In this article, we’ll explore practical tips and habits that will not only keep your household comfortable but also make your utility bills management more simple in the long run.
Create a Comprehensive Household Budget
Having a clear and detailed household budget allows you to track your income and allocate specific amounts for all your monthly expenses, including utility payments. It also helps you identify areas where you can save and ensure that you always have enough set aside for your utility bills. To create this, start by listing all sources of income, whether it’s from your salary, business, or other forms of earnings. Then, break down your expenses into categories such as food, transportation, savings, and, of course, utilities. For utility bills, assign specific amounts for electricity, water, internet, and other necessary services based on your previous bills or estimates. This will give you a clear picture of how much you need to spend each month, preventing any surprises when the bills arrive.
Optimize Your Payment Strategy
Streamlining the way you pay your utility bills can make a significant difference in managing your finances more effectively. When you have a well-thought-out plan for how and when to pay your bills, it can reduce the stress of last-minute payments and ensure that your utility bills are always paid on time.
A great way to optimize your utility bills payment strategy is to utilize online bills payment services. In today’s digital world, fintech companies like Maya have made managing your utility bills even more convenient. The Maya app provides access to the most important billers in the Philippines and even to lesser-known regional billers. As such, you can pay your bills anytime, anywhere, without the need to leave your home. Simply select “Bills” on the app’s main dashboard, choose the biller, input the required information, enter the amount to be paid, and confirm the payment. Wait for our confirmation of your payment via SMS, and you’re done!
To expedite this process even further, you can save up to 20 of your favorite billers at a time. This way, you won’t have to type the biller’s name on the search bar or scroll through our list of billers each time you need to pay your utility bills. Furthermore, you can set recurring notifications to remind you to pay your utility bills on time. Leveraging this feature makes it easier to stay on top of due dates and avoid late fees or disconnections.
Take Advantage of Bills Payment Promos
Some payment platforms, including the native apps developed by the utility providers themselves, offer promotions or discounts that can help you save money whenever you pay bills online. At Maya, we also occasionally offer bills payment deals that can help you stretch your budget a bit further. These promos can range from cashback rewards to physical cash prizes. If you want to stay updated with Maya’s latest deals or if you want to know if the bills payment promo applies to your situation, visit our bills payment deals page regularly.
Build a Financial Cushion Dedicated to Your Utility Bills
Establishing a dedicated financial cushion for utility bills helps protect you from the shock of high or unexpected charges. By putting money aside each month, you can create a buffer that allows you to cover your utility expenses without dipping into your main savings account or taking on additional debt. To start, review your average utility costs over the past few months and determine how much you typically spend on electricity, water, internet, and other essential services. Based on this, allocate a portion of your monthly income toward your utility cushion so that you’re prepared for any fluctuations in your bills, especially during months of higher usage.
It’s recommended to place this financial cushion in a high-yield savings account. Unlike a standard savings account, a high-yield account allows your funds to grow faster with a higher interest rate, giving you a little extra each month to boost your cushion. Maya Savings, for instance, starts with a 3.5% interest p.a., which you can boost further. To do this, you simply have to complete certain missions like buying prepaid load and paying bills via Maya. You can also use Maya Personal Goals, which allows you to create up to 5 goals at a time. Each goal can earn a competitive interest every month, so if you want to be strategic in using this product, you can create a goal for each utility and earn more.
Review Your Bills Regularly
Reviewing your bills each month gives you the opportunity to identify areas where you can cut back. You can spot trends in your usage and determine where you might be spending more than necessary. For example, if your electricity bill spikes one month, you can look into whether there were unusual energy consumption habits, such as leaving appliances running or using your aircon excessively. With this information, you can make informed adjustments, like unplugging unused appliances or using energy-efficient settings on your AC, to lower your utility costs in the following months.
Managing your utility bills effectively doesn’t have to be complicated. Implementing these strategies can make it easier to stay on top of your expenses and avoid unnecessary stress. With a little preparation and consistency, you can reduce the financial straight that utility bills often cause.
