If you live alone, with your partner, or as a family unit, home and financial emergencies can strike when you least expect them. Whether it’s a power blackout, car repair, or a hefty energy bill, all three can prove costly to fix. If you don’t have the funds to cover the costs and you’re struggling on what to do, here is what to do next if you can’t pay a bill.
Contact Who Sent the Bill
The best place to start is to contact the company who sent you the bill as quickly as possible. Once you realize you are in financial trouble, acting immediately will show to them that you’re telling the truth. Regardless of what the bill is, you will find that the company are far more likely to be understanding and see your situation from your point of view. You may find that they extend the amount of time you have to clear your bill, which can reduce stress levels and put you back in control.
Prioritize
If you’ve found yourself in an unfavorable financial position, it’s vital that you prioritize the essentials beforehand. You cannot live without food, accommodation, and heating, so make sure that you take all three into account before you think about paying your bill. Anything that isn’t deemed essential is classed as a luxury and shouldn’t be put into this category. Although it may be hard to give up some of your favorite things like Netflix, it’s more important to sort out your finances first.
Create a Budget
Knowing how to budget is a vital skill that can help you balance your finances and find areas where you can save money. It will help you track your income and outgoings so you can compare how much is coming in and what you are spending. When drawing up a budget, make sure that you’re honest with yourself and set realistic targets and goals so you have something to work towards.
Ask Friends and Family
Although it can be hard to do, if you have a close circle of family and friends around you, consider asking them for financial help. If you’re struggling and aren’t sure where to turn, your loved ones will understand better than anyone. Even if they can offer a short sum of money, the weight can be lifted off your shoulders. If you borrow any amount of money from a family member or friend, it’s advised to draw up a contract so you both know where you stand.
Consider a Loan
If you’re unable to lend from a loved one and need cash fast, you may want to consider a short-term loan that can cover the bill and help you regain control of your finances. There are title loans for bad credit Lombard il that you may want to look into.
Unexpected expenses can stop you in your tracks and make it hard for you to see a way out. Bills that rack up can wreak havoc with your mind and cause you to fall into a depression. Your first port of call is to take action, use all the advice above and put it into practice which should ease your situation.
