Any day that you have to pay a bill is, well, not a great day, but still important for your overall financial picture. Making sure you pay your bills on time not only keeps you from falling into a vicious high-interest debt spiral, but it’s one of the fastest ways to improve your credit score. This means you should know the ins, outs and schedules of the financial institutions you use, even down to which day of the week is best to ensure your payment goes through.
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It might not be a joy to spend money, but bills have to be paid. Luckily, you can do it the smart way by checking your calendar and aligning your timeline so you are never late or behind. Here’s a breakdown of which days of the week to pay your bills — and which you may want to avoid.
What Is the Worst Day of the Week To Pay Your Bills?
Though it may feel like everyone is working for the weekend, you may want to pay your bills before punching out for a relaxing Saturday and Sunday. You might be familiar with the term “business hours” or “business days,” which tends to mean 9:00 a.m. to 5:00 p.m. Monday through Friday and usually does not include weekends.
That means that if you send in a payment on a Saturday or Sunday, processing does not happen until Monday, the next business day. Many gas and electric companies, as well as credit card issuers, tend to be sticklers for a due date — and their bottom line.
If your payment is late due to not being processed before your bill was due, you could get hit with a late fee. Banks tend to be open limited hours on Saturday, if at all, and closed on Sunday, putting you at risk of owing more money on your bill than you originally planned.
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Try Not To Pay on Tuesdays or Thursdays Either
Yes, it may seem like you are running out of runway to pay your bills at an optimal time, but keep the rule of thumb that any day of the week that starts with a “T” should not be a day you pay your bills.
Many money experts deem midweek days like Tuesday or Thursday as more challenging for people to stick to because they aren’t tied to regular routines like payday. There are only so many things you can remember in a day, and some people also forget to pay bills on these days because they are busy with work or school.
To round out the days to avoid, remember Fridays are also a bit tricky. While they technically are a business day, if you try to pay at the end of the day the bank might not process it until Monday, which could put you in danger of a late fee.
OK, So What Is the Best Day To Pay Your Bills
If you have been keeping track thus far, you will have noted that generally the best days of the week to pay your bills happen to be Mondays and Wednesdays. Start off your week with a bill payment or wait until the very middle of it, with Mondays and Wednesdays being optimal times to submit a payment.
Paying on Monday means the payment gets processed quickly after the weekend, and Wednesday gives you time midweek to handle payments without delays or any other issues that should arise. There are seven days out of the week, but luckily, two are primed to make sure that if you send a payment, it gets processed on time without any additional late fees.
J. Arky contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: Never Pay Bills on the Weekend (Or 2 Other Days of the Week)
