The economy has caught a lot of us off guard. It is stressful to try and figure out how to keep a roof over your head. For those who have fallen on hard times, here are some ideas about how to pay your bills.
Unfortunately, the bills don’t stop even if the paycheck does. There is still a financial responsibility to your creditors. It’s time to sit down and come up with a game plan.
The reality is that there are certain bills that can’t go without being paid. Your family needs a home to live in and the basic comforts like heat, electricity, transportation and a working telephone. These are the bills that warrant getting paid first.
For the telephone, there is no rule that says you need a cellular phone and a landline phone. Some people use their mobile phone as their only number. This saves on the cost of two telephone services. You really only need a landline for a small business phone system if you’re a home based business owner.
What about food? Everyone needs to eat. You can lower your food costs with coupons, in store sales and shopping in bulk when necessary. Visit the butcher shop and have them cut up your meat to save money.
If money is tight, entertainment is often the first to go. You may have to do without cable television or cut back to the basic channels since everything has gone to digital signal. If you want to watch movies, purchase the ones you like when they are on sale. This way you can watch them over and over without paying any additional fees. This website offers a monthly subscription for a small fee with unlimited movies. It is the best deal for people who enjoy watching movies frequently.
When there is nothing else you can cut and money is still stretched too far to meet all the bills, it is probably time to call the creditors. No one wants to do it but you will have a more favorable outcome if you call them before your bills start falling behind. If you have been a good customer who has had on-time payment in the past, they will help you to make your payment in some form without ruining your credit.
For your monthly utility bills, there is a service many of them offer called the Equal Payment Plan. See here: you can enroll in the program that averages your monthly usage and comes up with a payment amount that stays constant. This will help you avoid larger bills in the summer or winter months. A plan like this also makes budgeting limited funds a whole lot easier.
As for any credit card bills, making a payment arrangement won’t adversely affect your standing with them or the credit companies. When you are back on solid financial footing, you can resume your normal payments.
When the economy is down, it affects everyone, but bills are still going to come due. Use the above tips to help you stay afloat in hard times.
In another article we will explain how to continue study in financially hard times with opening college savings account. Stay tuned!