FMOOD 0153: Budgeting While You're Behind - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-05-18T06:00
Budgeting in of itself can be a challenge, but what happens when you have payments or other bills that have fallen behind? Adding this to trying to maintain a monthly budget can make things quite difficult. However, you do have to do something about it. You can't bury your head in the sand and hope that it will go away, because it simply won't.
The first step is to open the lines of communication with any entities that you are currently late on paying. Bringing yourself current has to be the focus, and you need to communicate with those you owe money to in order to let them know that you are aware of the situation. Sometimes, depending on the entity, they may help you to come up with a creative or alternative way of getting caught up. It's not guaranteed that they will help, but a phone call with a promise to pay is always better than not contacting them at all.
You do need to have a plan before you pick up the phone, though. If you make a payment arrangement, you need to stick with it. Be realistic when you are promising to pay, and once you make a payment arrangement, put it into your budget right away so you don't forget about it.
The second step is to utilize your budget as a tool to control your money (as you should be). Prioritize your home, whether you make house payments or pay rent. Where you rest is what you need to take care of first. Your home is your top priority when it comes to budgeting your resources. Along those same lines, your utilities to keep your home running are second in line. If you are behind on your utility bills, you need to make calls and come up with a plan to keep the lights on and the water running.
Everything else following these two major budget items are up to you as far as order of priority. You make the decisions on what items are next in line when it comes to your personal budget. The idea here is to make sure that you take action to get your late bills caught up while you are prioritizing your budget accordingly.
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