Welcome, visitor! [ Register | Login

Post an Ad

How to Prioritize Your Expenses

Financial recovery July 15, 2021

Prioritize Your Expenses

When struggling to meet your monthly expenses, how might you prioritize your expenses? Can you think of any reason why you should pay some bills before others?

Basic Necessities
Your basic human necessities (mortgage/rent, food, utilities, and transportation) should always come before paying other expenses or creditors.

What should you do if you fear you cannot make your mortgage payment?
•    If you cannot make a mortgage payment, or fear you are at risk of foreclosing on your home, contact your lender immediately to explain your situation and negotiate a payment plan until you can resume regular payments.
•    You may also want to contact the United States (U.S.) Department of Housing and Urban Development (HUD) at www.hud.gov, or 1-800-569-4287 to locate a HUD-approved housing counselor near you.

What should you do if you fear you cannot make your car payment?
•    If you are having difficulties paying your car loan and foresee that you are getting close to defaulting on your loan, consider selling the car yourself to pay off the loan to avoid the repossession expenses (e.g., towing and storage costs) and the negative impact on your credit report.

High-Priority Expenses
If you have other high-priority expenses you would pay these after paying your basic necessities. High-priority expenses may include:
•    Insurance premiums to ensure you have adequate coverage on your home, home contents, car, health, and life
o    You may be tempted to cut or eliminate these premiums, but think twice before you do. Having adequate insurance may help you and your family avoid further financial setbacks should something unexpected happen.
•    Medicines, medical bills and health, vision, and dental expenses
•    Other expenses that you deem important and a high priority

Remaining Expenses
Prioritize any remaining expenses based on the money you have left each month. If you are unable to meet all of your expenses after determining ways to increase your income and decrease your expenses, contact your creditors and explain your situation. We will talk about contacting your creditors later in the module.

Think about the way you have been prioritizing your spending or paying expenses up to this point. Have you followed this recommendation? Do you need to reprioritize your expenses? As you are evaluating your current financial situation, you can use the My Spending Priorities table on page 13 of your Participant Guide to revise your spending priorities and identify ways you can decrease your expenses.

 

No Tags

358 total views, 1 today

  

  • Debt Collectors -Recovery Services - FL & AL

    by on July 18, 2021 - 0 Comments

    Entity Address Telephone CenterOne Debt Management Services LLC 6150 Omni Park Drive, Mobile, AL, 36609 (251) 639-7500 Medical Data Systems, Inc.  Medical Revenue Service 645 Walnut Street, Suite 5, Gadsden, AL, 35901 (256) 546-7099 Firstsource Financial Solutions, LLC 7715 NW 48th Street, Miami, FL, 33166 (305) 513-5500 Bayview Loan Servicing, LLC 4425 Ponce De Leon […]

  • FAIR DEBT COLLECTION PRACTICES ACT

    by on June 24, 2021 - 0 Comments

    FAIR DEBT COLLECTION PRACTICES ACT   The federal law, the Fair Debt Collection Practices Act (“FDCPA”), protects consumers from abusive or harassing, false or misleading, and/or unfair practices of third party debt collectors or attorneys attempting to collect debts incurred for personal, family, or household purposes. Business or agricultural debts are not covered by the […]

  • Debt Collection FAQs: A Guide for Consumers

    by on May 3, 2021 - 0 Comments

    Debt Collection FAQs: A Guide for Consumers If you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector may be contacting you. The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from […]

  • Debt Collectors -Recovery Services

    by on July 5, 2021 - 0 Comments

    Entity Address Telephone A.C.B. American, Inc. 4351 Winston Avenue, Covington, KY, 41015 (859) 261-8745 Advanced Collection Services LTD Mastercheck 55 Whiting Street 2A, Plainville, CT, 06062 860-793-2255 Advanced Collection Services LTD Mastercheck 55 Whiting Street 2A, Plainville, CT, 06062 860-793-2255 Affiliated Group, Inc., The  Affiliated Credit Services 3055 41st Street NW, Suite 100, Rochester, MN, […]

  • Personal Financial Management Course (Debtor Education) Providers :Alabama Southern

    by on July 24, 2021 - 0 Comments

    List of  Personal Financial Management Course (Debtor Education) Providers #02 Certificate Class 713 Preston Place Grapevine, Texas 76051 Toll Free:  (888) 533-3423 Phone:     (817) 533-3423 Fax:          (817) 533-3423 Web: www.jjandpartners.com Allen Credit and Debt Counseling Agency 195 Brook Street E Wessington, SD 57381 Toll free:   (888) 415-8173 Phone:     (605) 458-2500 Fax:         (605) 458-2506 Web: www.acdcas.com Alliance Credit Counseling, Inc. […]