Changing Bill Due Dates Could Help Some People Manage Money

A Redditor wondered whether changing the due dates on their bills could make it easier to keep enough money for necessities. According to NerdWallet, the Redditor found it hard to pay all bills at the beginning of the month and still have money left before the second paycheck.

Financial experts say it is relatively easy to change bill due dates. Adrienne Taylor, an accredited financial counselor (a professional trained to give advice on money matters) and founder of Tailored WealthSaver in Houston, shared how she handles her own bills. Taylor sets her mortgage and utility due dates for the beginning of the month. She sets the due date for her other expenses, including her credit card bill, for the 21st.

Taylor recommends this strategy to clients to help reduce their stress levels. Lamar Brabham, CEO of Noel Taylor Agency Financial Services in North Myrtle Beach, South Carolina, also works with clients on this idea. He encourages them to set bill due dates five to seven days after their paychecks are deposited.

The Consumer Financial Protection Bureau offers a template for listing bills and their due dates. It also suggests asking lenders or service providers for a different due date if it helps manage cash flow (the timing of money coming in and going out).

Some providers may require a consistent payment history or advance payment before they agree to change a due date. Ernie Wingard, a financial representative at Capital Choice Financial in North Richland Hills, Texas, offers another idea. He encourages clients to create a "float fund" separate from an emergency fund. Wingard suggests keeping the float fund in a high-yield savings account that is easily accessible.

Reddit users often share thoughts on financial subjects, including managing bills. Because Reddit users post anonymously, their individual experiences cannot be confirmed.