How to prioritize bills when paying with crypto

Using crypto in the real world can be challenging if you don’t know how to streamline the off-ramping process. With more businesses accepting crypto, there are more ways to use crypto in the real world than ever before—but there are still limitations that make it challenging and costly if you don’t use the right tools.

Spritz lets you off-ramp crypto in just one step, letting you pay real-world bills like your mortgage or credit card directly from your crypto wallet. Here is how you can streamline your TradFi bills when paying with crypto today:

Step 1: Keep track of your bills

The Spritz app lets you keep track of your bills and pay them with crypto all in one place. We’re still in beta, but you can sign up to be a beta user on our home page here. On the Spritz app, you can add all of your TradFi bills to easily view, track, and manage your expenses all from one place. This will give you a better understanding of your monthly budget in a place where you can set up payments to take care of your expenses as well.

Spritz is available on Polygon, Ethereum, Avalanche, Optimism, Arbitrum, and the BNB Chain. Your Spritz account makes it easy to keep track of your TradFi and DeFi finances all in one place. Add all of your real-world bill-pay accounts to your Spritz account in just a few quick steps.

Step 2: Create a bill prioritization strategy

Determine which bills have the soonest deadline and begin paying them based on that. If you have credit cards or bills with higher balances than you can pay, work on paying off your lowest balances first and then make your way through all of your balances over time. This is called the snowball method, and has been proven to help people pay off credit card debt faster!

Your mandatory expenses should always come first, so focus on paying for things like your housing (rent or mortgage payments), utilities, transportation, and insurance first. Then take care of your food budget, your debt, and any other expenses like entertainment after that, and so on until you’ve covered all of your expenses. Just don’t forget to save some money for your savings or investment accounts!

Step 3: Start with a smaller test payment

When you pay bills with crypto using Spritz you might want to start with a small payment first to test out the service and make sure everything works. Crypto payments may take a couple of days to reflect in your bill-pay account, so sending a test payment is a great way to see for yourself how long the process will take. 

Set up a test payment in the Spritz app on bill-pay accounts that don’t require a single monthly payment. Bills like loan repayments for home or auto loans may not let you submit a partial payment, but credit card bills likely will.

Step 4: Generate passive income streams from your crypto

The great thing about Web3 is that there are a lot of passive income streams, with even more popping up over time. Generate passive income streams from your on-chain activities, such as staking, liquidity mining, yield farming, lending, NFT trading, or even play-to-earn gaming.

Earning passive income from crypto is a great way to get your bills paid without having to increase the time you spend earning extra income. The income you take from Web3 platforms can be a pathway to paying off certain set monthly expenses, like your credit cards or utilities.

Make a financial plan for your earning goals (like saying “I want to be able to pay my rent with my crypto earnings”) and research the steps you need to take to make those goals a reality.

Spritz makes crypto bill pay a breeze. Where you would have once had to off-ramp crypto into a checking account in order to pay IRL bills with your DeFi earnings, now you can do it directly from your favorite Web3 wallet.

‍Join the Spritz beta today to try out the app, and keep up with everything Spritz in our Discord. Beta users will get access to a private channel where they can discuss the product and make suggestions for how to improve Spritz in the future.

Cheers!