![]() Your budget will reflect what you expect your income to be in the coming months, and set a plan for spending it.Ĭreating a budget is vital, even if you don’t have much income and have a lot of bills. ![]() Now that you know what your bill-paying priorities are, it’s time to create a budget. Student Loans: Lenders and the government have programs to forbear, defer and even forgive payments if you can prove money is tight. They may be sent to a debt collection agency, so brace for the phone to start ringing. They don’t accumulate interest, and nonpayment does less damage to your credit score than missed credit card, mortgage and auto loan payments. Medical bills: These can go to the bottom of this list. The more you fall behind, the more your credit cards will cost you. If you can’t pay homeowner, rent, auto or health insurance, call your insurance agent and ask about adjusting your policies to make payments more manageable.Ĭredit cards: Keep up minimum payments, if possible. Insurance: There are financial and legal risks to letting policies lapse. If you make payments directly to your child’s other parent, contact your state’s low-cost legal aid program to discuss options. Parents in states that make payments through a state entity, can also get help to adjust payments through that entity if they can’t afford them. It can also put your children at risk, since your payments help feed, clothe and shelter them. You can lose your home if you ignore property tax.Ĭhild support: Missing child support payments can put custody and visitation at risk, and lead to wage garnishment and bank-account intrusion. Ignoring income tax can mean wage garnishments, property seizures, even jail. Taxes (Income and Property): The IRS and states with income tax have payment programs and other help. If public transportation is available where you live and you can’t afford car payments, consider selling your car. A car repossession is expensive, and can cost your job if you don’t have transportation. government “Help with Bills” website has utility assistance resources.Ĭar payment: If you can’t get to work without a car, on-time payments are essential. Utilities: If you can’t pay electric, heating, cooling or water bills, the U.S. These programs are administered through state housing authorities (or agencies), which also will help you find other resources. Department of Housing and Urban Development (HUD), has an “avoiding foreclosure” webpage, and, with the Federal Housing Administration (FHA), has programs aimed at helping homeowners keep their houses. Housing: If you must miss a mortgage payment, or you can’t afford your mortgage, contact your lender about hardship options. Priority One Bills: Essentialsįood: Your top priority is feeding yourself and your family. It may be damaged as you work to get back on track, but it can recover quickly once you do. Another essential is your credit score, which is the key to financial stability now and in the future. The key is knowing which is which.Įssentials like food, shelter and utilities come before anything else, including cellphone, cable and internet service. Some bills can be temporarily put off without severe negative consequences, while other missed payments can quickly lead to disaster. We’ll also look at the status of COVID-19 debt relief resources, and see what, if anything, is still available for parents, renters, homeowners and those with student loans. The five steps to paying bills if you have no money are: Taking control will help ease the anxiety caused by unpaid bills and motivate you to keep taking steps in the right direction. No matter what your financial situation, a strategy to turn things around will help you sort out your finances and determine what action you may have to take to pay bills when you have no money. Getting back on track means taking positive steps. ![]() ![]() There are options, though, whether you just can’t catch up on bills, or you can’t pay them at all. If you have children, or an elderly parent or disabled family member to care for, and can’t pay your bills, it can be overwhelming. There are few feelings so hopeless as looking at a stack of bills and knowing you don’t have the money to pay them. ![]()
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