Hello World! Welcome Friends! The loss of a job, an unexpected illness, and large amounts of debt can all cause financial hardship. They can have a tumbling effect on your bills and force you to make decisions on which bills to pay. Unfortunately, this can cost you dearly. The good news is that you can slowly reverse the situation and recover. In the meantime, managing your money wisely is critical.
An Overhaul of Your Monthly Expenses
As hard as it may be to look at the mounting pile of bills on the counter, this is something you must do. Finding out where you are with your payments will allow you to focus on which ones are salvageable and so that you can make arrangements to bring them current. Contacting the lenders shows that you are trying your best to resolve the situation and may prevent them from going to collections. Some may be able to put the missed or late payments on the back end of the loan. Other lenders have hardship programs where you pay a smaller amount for a few months until you return to work or are better able to pay the original amount.
Finding Deals
Unfortunately, despite your hard times, life still moves forward. There are things you will need. Finding deals on everything necessary will give you a way to afford the essentials. When you are shopping for everything from home goods to clothing and accessories online, sites like Rebate Key have listings for many stores offering deals. For instance, ShopHQ coupons are available. Many supermarkets have rewards programs where you earn points that you can use towards food or gas purchases. Even smaller outlets like your local coffee shop offer rewards for loyalty such as a free cup of coffee after purchasing 10.
Establish a Nest Egg
While you may not feel like taking money away when it’s tight, it’s practical. In the long run, it will prevent a financial crisis from recurring. Factor into your budget money to put aside into savings for a rainy day. Even the small sum of $20.00 each week will add up quickly over a few months. When your income returns to normal, apply more.
Affordable Housing
If you own a home and it’s a month or two in the rears and you have no way of making up the payments, you may want to consider selling. Property values are up and if you have the chance to find a buyer and make a profit versus losing the home to the bank due to foreclosure, doing so is in your best interest. Finding a place to live that’s considerably less each month will help to free up money that you can apply to some of your outstanding debt.
Cutting Back on Non-Essentials
There are many things people have that, while they make life more enjoyable and easier, are not essential. Cable television falls into this category. In many cases, the average monthly bill can reach a few hundred dollars. Switching to services such as Hulu and Netflix will give you a variety of movies and series to watch for less than $20.00 per month. Having someone mow the lawn and clean your home, monthly coffee and beauty care subscriptions are a few other examples of services you can cancel.
Bundling Services
Insurance companies offer savings when you combine multiple insurances into a single bundled policy with the same company. In many cases, the savings are substantial. If you have auto, homeowners, and life insurance policies, you can expect (on average) a savings of 20 percent or more. Cable companies that offer the internet also reduce your monthly payment when you bundle the services.
Life isn’t always easy. Sometimes you fall into hard financial times. Thankfully, if you cut back, stick to a budget, and find ways to save money, you will make a full recovery.
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Toodles,
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