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Prioritizing Bills When Money is Tight

Article

When money becomes unexpectedly tight there are important decisions to be made about which bills to pay off first.

Regardless of how much you might want to avoid debt there are some circumstances outside of your control. You may find that you can’t make all of your payments on time and that some difficult decisions need to be made about where the money goes first.

These difficulties could arise from having to pay for damages from a car accident or perhaps you or your spouse was laid off. The sudden dent in your savings or the loss of some relied upon income will affect the typical payments you need to make.

No matter what happens, one day you might find that the money just isn’t there, and you have to work with what you have. It’s all about knowing how to prioritize. When you can’t pay for everything, you have to pay for things in order of importance.

For some people, they may immediately think about their debts, but the truth is that basic human needs

— food and hygiene — are more important. What good is it to have a car in your driveway if you can’t feed your family?

suggests that you don’t let concerns about your credit card rating or threats from a debt collector scare you into paying for something you don’t absolutely need to pay for — especially if paying the bill will keep you from being able to take care of yourself. Those debts will still be there after your own personal financial crisis has passed, and that’s when you can start thinking about paying them off.

See suggestions of how to prioritize your bills here.

MoneyCrashers

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