If you keep track of your spending, you can plan when — and how — to repay the money you’ve borrowed on credit or pay what you owe in utilities or rent.

When you receive your monthly bills, you may be able to pay in several ways. Obviously, the best strategy is to pay the whole bill. If not, you should pay as much of the bill as you can. However, you may be charged additional penalty fees or finance charges if you do not pay the full balance. Just be sure to mail each bill far enough in advance so that it arrives by the due date. Otherwise, you’ll incur not only finance charges, which will add up, but sometimes late fees as well. If you get into the habit of paying only the minimum, your debt will continue to grow. And as your debt grows, you may find that you risk having your utilities turned off or your credit card revoked.

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