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How to Prioritize Bills During a Financial Crunch

May 12, 2020, 18:23 PM


Woman sitting at a computer assessing her bills

There’s no doubt COVID-19 has thrown the economy into a tailspin. If your income has been affected by the coronavirus, you’re hardly alone and managing your bills can be tricky. Here are some ideas about how you can manage your finances and begin regaining your financial footing:

Gather your bills. Make a list of your monthly bills: rent/mortgage, car payment, utilities, student loans etc. You’ll also want to factor in how much you’ll need for food and other necessities.

Prioritize your bills (if needed). Some financial experts are recommending you put your most basic needs, like food and shelter first before any other bills. Make sure you can feed your family before using your limited resources for loan payments or credit card bills. Similarly, your family needs a place to live, so mortgage or rent payments should be next on your list.

Don’t be afraid to ask for help. Many of your lenders and the companies you do business with have special programs in place to help during this crisis. Don’t be afraid to reach out to your mortgage lender, cell phone provider, utility company, etc. to see if they can help lower your payments or delay the due dates.

Be on the lookout for scams. Unfortunately, scammers don’t take time off, and even less so during times of crisis. Beware of any companies that guarantee they can get your creditors to forgive your debts entirely, or makes you pay up-front for help. Fraudsters also have some other tricks up their sleeve – read about coronavirus scams going around.

Your Turn: How are you prioritizing your bills during the pandemic? Share your tips with us in the comments.

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