We all go through times when our income is drastically reduced. Your hours may have got cut or you may have lost your job.
If you don't have much money in savings, you may find that you can't pay all your bills. This can cause you to panic, but there are things you can do. Whether you seek out financial assistance or reach out to creditors, you cave survive if you can't pay all your bills.
Get Financial Assistance
First things first. You want to look for any financial assistance available in your area. Contact social services and see if you qualify for food stamps or Medicaid. If you have medical debt, you may be able to get financial assistance through the hospital or doctor's office you were seen at. Seek out every option available to you and take the time to apply for help.
Track Expenses
If you're not tracking your expenses, you need to start now. While you may not think that a small purchase makes a big difference, everything adds up. Write down where every bit of money goes each day. This takes a while, but can be an eye-opening experience.
Create a Budget
Once you see how much money you're spending and where it's going, you can create a budget. You want to create a budget that is reasonable, but also takes care of all your important bills first. If you aren't making enough money to pay all your bills, make sure you're covering the most important expenses like food, shelter, electricity, transportation, etc.
Cut Unneeded Expenses
If you can't pay your bills, you need to cut anything you absolutely do not need to survive. You don't need TV service. You don't need to eat out. You don't need internet access (unless you work from home). There are so many things you do not need in order to survive.
Contact Creditors and Service Companies
Last, but not least, contact creditors and service companies immediately. Do not stick your head in the sand and hope things get better. Many services companies, such as electric and heating companies, have assistance for those going through hard times. You can also speak to cable and satellite companies about canceling your services without having to pay the fees for breaking the contract. Lastly, contact all creditors and ask about programs to help lower your monthly payment.
It can be easy to stick your head in the sand and hope everything gets better. Unfortunately, doing so will not help things. In fact, you'll make things a lot worse. If you're proactive, there's a good chance you'll be able to get help when you can't pay all your bills.
Additional Posts You Might Like:
Leave a Reply