Do I have to upgrade my account?

I have just received an email saying the following: "It seems like you have reached your payments limit. Free accounts are limited to 10 payments / month. Your forms will be disabled on Tuesday at 12pm EST. Since we understand that it can be an inconvenience to have your forms stop working because you reached your payments limit, we'd like to remind you that you can upgrade and your forms will be running smoothly again."

If I don't update will I be reset next month? Or do I lose my forms?

You will not lose your forms, it will just be disabled because you reached the monthly limits. Please take note that we reset the monthly limits every first day of the month. After that, all the disabled forms will be available again. 

If you're expecting more form views or submissions per month, I suggest upgrading your account to avoid getting over the limit. Here's a guide on how to upgrade your account: https://www.jotform.com/help/331-How-to-Upgrade-My-Account

Did I answer your question properly? If not, please let us know. Thank you.

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Related guide:
Understanding-Your-Account-Usage-and-Limits