During these times, many people have been laid off or forced to close their business because of this unfortunate pandemic.
In this post, I’ll give you three steps of how to pay your bills when you’re tight on cash.
*Click here to join my FREE budget TRAINING* LIMITED SPOTS⠀
You’ll learn:⠀⠀
✅ My signature step-by-step method on how to build your budget that’s helped over 3,000 women build their budget (with specific examples!)⠀
✅ The biggest mistake hard-time working women make with their paychecks & why you still don’t have a working budget (even if you’re starting at zero!)
✅ Why every budget you’ve tried doesn’t work & how my strategies will
Now back to my post…
Step 1: Target the essentials
You want to write down a list of every single bill that you have, these are your monthly reoccurring bills.
BUT here’s the trick, you’re going to write them in prioritizing order.
How do you know what your priorities are?
These are your four walls which include:
- Food
- Utilities
- Shelter
- Transportation
These are your bare bone essentials, everything else can be lowered in price or slashed completely.
Ditch those unnecessary bills that you probably don’t really need. These include a gym membership, Netflix, Spotify, etc.
These are not important right now.
Step 2: Short-term solutions list
- Contact your ‘can’t pay my bills’ companies
- Ask if they can lower your interest rates
- Ask if you can skip a payment this month due to financial hardships
- SELL, SELL, SELL
- Start selling things in your house that are not valuable to you but could be valuable to someone else.
- One man’s trash is another man’s treasure.
- Borrow from family
- Only do this ONCE as a last resort.
- It will probably ruin relationships with family members.
Step 3: Long-term solutions list
- GET ORGANIZED
- You need a budget plan.
- Get 2 months in advance of your bills and due dates.
- THIS = control
- Earn more
- Find another job!
- Sit down, get on a computer and start looking!
- Spend less
- Decrease your monthly expenses including groceries, gas, etc.
- For example, use up the food in your panty before going out and buying more food.
Situations like these are not fun and you definitely do not want it to happen again.
BTW, I give you tons of tips and tricks on my Instagram, join me there!
After you’ve managed to get through this tough month or two (and you will get through it), you need to sit down and plan out what you must do in order to avoid another situation like this one.
Create a plan for an emergency fund savings.
At least a 2 month emergency fund so that you can start saving for it and stay on the safe side.
*Click here to join my FREE budget TRAINING*
Read this next to start your budget plan now.
What are some bills/expenses that you’ve cut out in the past?