Habitually making late payments can result in digging a deep financial hole and essential tossing away money that could be put to better use, according to a financial expert.

Spokesperson for Money Mentors Tracy Watson said making payments on time is something many people struggle with.

“When you get a parking ticket for example, it’s like flushing money down the toilet really and if you pay a late fee, you’ve just done that even more so,” said Watson.

“If you’re paying these late fees, it’s money that you could invest or put towards something that you actually want.”

Watson suggests taking the time to organize and make calendar notes of when each bill is due.

For those who are forgetful, Watson said there is often the option to set up an automatic payment system through the banking system.

Along with setting aside funds for regular bills, Watson said it’s important to set aside additional money for unexpected fees such as parking or speeding tickets.