When you don’t have a lot of money coming in, you have to seriously triage your bills and make every payment count. The first thing you need to do is determine which expenses can be put off and which can’t. Once you have a basic understanding of the urgency you’re dealing with, you can do a lot better.
The second thing you need to do is make sure your credit is top tier. One way to do this is by getting a loan. While personal installment loans have gotten a bad rap, they can seriously bail you out when the situation gets dire. With a loan at the right time, you can knock down several bills that could tackle you if you try to ignore them.
Of course, this still leaves you with a debt payment to make. The third thing you need to keep in mind is that every penny counts when your income is low. Mind your expenses, and look out for any way you can possibly lower your expenses. If you can turn down the thermostat and wear a thick robe, do it. If a $20 fan saves you $30 per month in air conditioning expense, it’s a good deal. If you can walk to work, do it.
The final thing to keep in mind when your income just barely covers your bills is that you have to keep thinking ahead. When you have a plan, a lot of the problems in life don’t actually happen. In some cases they still do, but they aren’t as bad.
