Coronavirus Budgeting Tips to Help You Pay Your Bills
April 22, 2020
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Times are tough right now, and lots of people are struggling financially. Whether you've lost your job, or have seen your wages cut, here are some budgeting tips to help you pay your bills.
Budget, Budget, Budget
In order to start making a plan, you need to see what you're working with. Sit down and write out all of your current income, and what you need to pay out of that each month. Having it all laid out in front of you will help you to see what are essential payments (rent, electric, food, etc) and what you can cut back on, or cut out completely, for the next few months (Netflix, gym membership, cable, etc). You might need to be tough on yourself and use our tips to pay bills.
Some Bills Can Wait
The most important thing right now is keeping a roof over your head and food on the table. Make sure you figure out a way to pay your housing costs, utility bills and food costs first. If you need to travel to work, then transport costs can be added to this. Anything else can wait for a few weeks or months.
Companies are fully aware of the difficulties people are having with money, and many of them will defer payments owed for the time being. Contact any companies you need to and discuss it with them. If you have credit card debt or any loan debt, ask them to stop payments and interest for a month or two. Also, if you can't even afford your priority payments, contact them too. It's better to be upfront with them about your problems than trying to hide.
Get What You Are Owed
If you have lost your job, file for unemployment straight away. If you think you're due a tax rebate, claim it now. If you have a student loan, get your payments deferred. Do everything you can think of, no matter how small, to improve your situation.
Do some research and see if you can claim anything else during this difficult time. Click on the banner at the top of this page and use our free tool. It will analyse your financial profile and give you some recommendations.
Try To Increase Your Income
Slashing your budget is one thing, but trying to increase your income is another way to pay your bills. If you're out of work for now, see if there's anyone hiring in your area. Delivery companies will be extremely busy right now, so you could get some temporary work delivering packages or groceries.
If this isn't possible, then look around your place and see what you can sell. Put it online and hope for the best. Any extra cash you get will help, and you might get a clearer apartment too. You can even try to save money during the quarantine with this increase.
Don't Be Afraid To Ask For Help
If, after following our budgeting tips, you're still struggling, then don't be afraid to reach out for help. Friends and family would only be too pleased to come to your aid, but there are other organisations that can assist. Contact your local church or find a volunteer community group for help.
All these budgeting tips will help, and don't forget to try our financial analysis tool for some financial recommendations.