Pay These 7 Bills Before the First of the Month
Most Americans are in debt. With cost of living still surging and lingering inflation, budgets are tight, prompting many to rely on credit cards for living expenses and groceries.
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With soaring costs affecting everything from housing to cars, food, basic necessities and more, many are tackling multiple debts each month, which can make the task of paying them down seem impossible. Prioritizing which bills should be paid is key, so we’ve formulated some helpful guidance to help you strategize monthly expense payments.
Mortgage and Rent
Having a roof over your head should be the top priority. Pay the mortgage or rent every month to prevent being evicted or the bank taking away your home. If you’re unable to pay, contact your landlord or lender and have an honest conversation about your circumstances.
“Often, they can point you towards programs that help homeowners or renters who are in similar situations,” per American Family Insurance. The site explained, “For example, the United States Department of Housing and Urban Development (Opens in a new tab) has resources and programs to help if you’re having trouble keeping up with mortgage payments and can help you avoid foreclosure.”
Utilities
Shelter is a necessity, but you don’t want to be in the dark. Paying the electric and water bills is also a must in order to properly function and live in your home. Programs like the Low Income Home Energy Assistance Program (LIHEAP) and the Weatherization Assistance Program can assist during hard times.
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Food
It might not feel like it, but grocery prices are starting to level off. That doesn’t mean the cost of food is going down, though. It’s just not increasing at a significant rate like in previous months, per the U.S. Department of Agriculture. That said, many struggle to stock their fridge and pantry while juggling numerous debts. Food isn’t an option, so this bill must be paid, but there are food pantries across the U.S. that can help if needed.
Car
Depending on where you live, you probably need a car, so this is another monthly expense to prioritize. That also includes insurance. According to Rachel Cruze from Ramsey Solutions, if you have high payments that you can’t afford or cannot pay off your car in 24 to 28 months, selling it for a more affordable option is worth considering.
“Make sure the total value of your car or if you have a family, the total value of all the cars you own does not exceed 50% of your annual salary,” she said in a video.
Health Insurance
A pile of medical bills is the last thing needed when already dealing with mounting debt. If you’re self-employed or don’t have a job that covers your health insurance, this is a bill also to prioritize. A lapse in coverage can cause big problems, like avoiding the doctor because it’s unaffordable, and a health issue turns into a bigger health problem, or an accident or injury occurs. Health insurance is a must-have bill that can’t be skipped.
Student Loans
As tempting as it might be not to repay a student loan, Suze Orman, host of the “Women & Money” podcast, previously told us, “People need to remember to not put off paying your student loans. It’s not going away and it should be the first monthly bill you pay. It’s not going to disappear. You can’t bankrupt your student loan.”
To fit a student loan payment back into your budget, Orman stated, “Give up eating out or other unnecessary expenses so you can start making your payments.”
Credit Cards
Credit cards have high interest rates, so paying the statement balance each month is better. However, if that’s not possible, talk to your credit card company and work out an affordable payment plan. You don’t want to ruin your credit and prevent qualifying for loans down the road, but “at the end of the day, it’s more important to pay bills that keep your family healthy and safe,” American Family Insurance stated.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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