Times are tough and everyone is strapped for cash. The entire world’s economy has shrunk due to lockdown measures. If you are having a tough time paying bills, you are not alone.
During these times of economic hardship, you may be asking yourself: “If I don’t have much money coming in, how can I pay off my bills?” These 5 tips will give you some much-needed financial sense in a world absent of it.
Limit Your Expenses
Lowering your overall life expenses frees up your income streams to be diverted in other directions. These other directions can be your bills.
For starters, cut out the amount you eat out. Cooking at home is a delicious and easy way to save money. By setting a food budget and sticking to it you can free up money for bills.
Next, cut out or limit expensive unhealthy habits such as drinking or smoking. You will be surprised at the amount of money you can save by eliminating unnecessary habits and vices.
Finally, resist the temptation to buy unnecessary new things. Adopt a mentality of minimalism and only buy what you absolutely need. When something breaks, rather than discard it reuse or repurpose it.
Lower Your Bills
If you struggle to pay water bills, lower your water consumption. If your electricity bill is through the roof, use less electricity. You can do this in a variety of different ways but all of them involve limiting excessive use.
The less your bills are, the easier you will be able to pay them on a budget. Remember to turn off those lights when you leave the room!
Use Bill Pay Services When Paying Bills
Many companies have an online bill pay service that you can use to pay your bills. For instance, you can use Geico bill pay to pay your car insurance bills each month. You can use Chase bill pay to pay off your credit card.
This will help you remember when a bill is due if you are the forgetful type. By selecting an autopay feature you will be able to avoid overage charges or late fees.
Resist Credit Cards
Paying your bill with a credit card can be a great short-term solution, providing that you have the cash to pay it back. Resit the urge of using credit to pay bills if you can’t afford to pay your credit card off.
You could end up in a vicious cycle of debt and interest payments if you are not careful. Never use a credit card to pay off another credit card. This is not a functional solution to paying your bills.
Get Help When You Need It
If you don’t pay your utility bills on time, you run the risk of getting them turned off. If you don’t pay your internet bill the cable company will disconnect you.
You then may owe another re-installation fee to get services up and running again. Use the right resources if you need help paying bills asap to avoid future fees.
You Can Do It
Paying bills can be intimidating when you are strapped for cash and creditors are circling you like vultures. Don’t give up hope! By using these 5 tips you can pay your bills and get your finances in order.
Give these tips a try today and see how they influence your finances. For all your other news and information make sure to check out the rest of our page.