How inflation is having an impact on families paying their bills

  • Sky-high inflation, a volatile economy, and a growing divide between wages, cost of living, education, and healthcare, makes affording and paying bills tougher on consumers.
  • Tech companies are innovating to centralize cash flow management and bill pay.  
  • TifiPay is resetting expectations with its easy to use app that facilitates monthly bill pay in one convenient place, providing users insights that may save them money in the long run. 

Nearly two years into the COVID-19 pandemic, the economic impact of inflation and the growing divide between wages and expenses is being felt across the country, and around the world. 

Food. Gas. Housing. The costs of living have been going up since inflation hit 6.8 percent in 2021 — the highest rate in nineteen years. Families are feeling the pinch and tightening their belts by scaling back on purchasing items. Some are even going into debt.

With higher inflation comes higher interest rates, affecting monthly spending, budgets and bill paying. For accounts with variable interest rates, this means that expenses will change often, making it confusing, tedious and difficult to keep up with paying bills and managing cash flow.

Solutions for Smoother Bill Pay and Cash Management

Americans are drowning in debt. As of Dec 2021, the average American is carrying $92,727 in debt. The pandemic has only made it harder to keep up. We as Americans need a solution to lessen the hassle and inconvenience of paying bills in an ever-destabilized economy. 

TifiPay, is an app that revolutionizes bill paying. Set to launch in Q3 2022, this app empowers the user to receive, pay and manage their bills in one place. It also sends the user notifications when bills are due and facilitates a ‘one click’ pay option. Users can use multiple bank accounts and even schedule a future payment to align with cash flow (when they get paid) and view which bills are due in coming days to help plan payments for better cash management. 

“Our recent survey found that the main reasons people struggle with bill payments is not necessarily based on affordability, rather people feel that their bills are disorganized and unconsolidated, making it a nightmare to pay on time, often resulting in late fees. TiFiPay’s mission is to improve people’s financial lives by making bill paying easier and to bring joy and a sense of accomplishment to paying bills,” said Christine Loredo, President and COO of TifiPay.

Leveraging technology to deliver insights to consumers finances  

To facilitate bill paying and provide users with a much needed confidence to take control of their monthly finances and budgeting, bill pay apps, such as TiFiPay, come with the added advantage of transaction history, which shows historical analysis and insights on spending. This enables TiFiPay users to have a central location of all their financial information and activity – a plus for those who are not necessarily great bookkeepers. 

Image: TifiPay

Keep All Your Golden Eggs In One Basket

Consumers typically have a ‘system’ of paying their monthly bills – some bills are paid by a check, others are paid online. But keeping track of payments, due dates, and website log-in details has proven to be quite daunting for many.

“Providing historical analysis and valuable insight into where a user is spending money often translates to better budgeting in the long term. Providing consumers with a full picture of their bills (from due dates, to what was paid when) empowers consumers to take control of their household cash flow.” concluded, Loredo. With wages not yet parallel to rising inflation, this is exactly the right time for an app that provides the whole picture, possibly saving users money in the long run.    

A Final Thought

It’s certainly time for Americans to tighten their belts as inflation is expected to increase in 2022. But it’s also time to take control of your finances and use tech solutions that will help alleviate the time-consuming headache and confusion of paying bills every month. TifiPay and similar solutions will certainly be a part of the ‘new normal’.

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