Have you found yourself in a position whereby you cannot afford to pay a bill? Perhaps your vehicle has broken down unexpectedly and you do not have any emergency funds available? Maybe you can no longer afford to pay your utility bills because of a change in circumstances or the fact that you seem to have simply run out of money? No matter what applies, it is understandable that you may be feeling worried and concerned about the situation you find yourself in. However, there is no need to work yourself up into a frenzy. This isn’t going to help anyone. Instead of dwelling on any mistakes you may have made in the past, it is time to put your best foot forward to determine how you are going to get yourself out of this situation. With that being said, read on to discover the steps that you should take if you have a bill and you cannot afford to pay it.
1. Do not ignore the issue
A lot of people like to ignore problems in the hope that they will go away. Well, this certainly is not going to happen if you have a bill to pay. The person you owe the money to is not simply going to write it off or forget about it. Therefore, the worst thing you can do is bury your head in the sand, no matter whether it is your utility bill you cannot afford or a mortgage repayment. This is only going to make the issue ten times worse. If you tackle the problem head-on, you will be able to find the best solution for your current financial situation while ensuring you do not allow the scenario to get even worse and more out of hand.
2. Contact the company
3. Borrow with caution
If this is a one-off scenario you find yourself in because the bill was unexpected, and you are confident that it is not an underlying financial issue, you could borrow money to cover the bill until your next work payment date. Learn more about this and the financial implications it will have before proceeding. Of course, lending from friends or a family member is always another option.
4. Prioritize your spending
You now need to look at the money you have going out of your account every month, and you need to prioritize it. It goes without saying that heating, having a roof over your head, and food should be your main priorities. Once you have funded these, your rent and mortgage payments should come next, followed by any payments you ower for other financial products, like credit cards and loans. This is important, as the last thing you want is for a direct debit car loan payment to come out, which then leaves you with no money in your bank account for food for you and your children.
5. Get help
There are many different ways you can get help if you find yourself in a sticky financial situation. You do not need to pay for debt advice, either. Look for not-for-profit organizations that can help with debt. There are plenty of charities and organizations out there who will be more than willing to provide you with free advice that can help you to rectify the situation you find yourself in.
6. Put together a budget
If you have not already, you should put together a budget. This does not need to be complex. It merely needs to state your incomings and outgoings every month so that you can see how much money you have left over. You will then know how much you can put to your debts every month. Not only this but you will be able to see if you are living above your means and if there are any savings you can make anywhere. It is advisable to ring up your television and Internet providers, as well as your utility companies. Speak to them about your situation, tell them you can’t afford your bills and say you are thinking about leaving. You will be surprised by how many special offers suddenly become available when you do this.
So there you have it; the steps that you should take if you have a bill that you cannot afford to pay. If you follow the steps that have been presented above, you should be able to find a reasonable solution to the sticky situation you find yourself in. if you find that this issue keeps cropping up, it is time to delve deeper into your finances so you can discover what the underlying problem is. Are you living above your means, for example? Restructure your finances and devise a careful budget to make sure you have enough money to pay your bills every month.