What to Do When Bills Are Too Much

It can be incredibly stressful when you constantly try to keep your head above water regarding bills. You're not alone - according to a recent study, 60% of Americans don't have enough savings to cover a $1,000 emergency.

If you're struggling to make ends meet, here are three things you can do to get some relief.

Loan Modification

One option is to modify your loans. This means working with your lender to change the terms of your loan so that it's more manageable. This can involve extending the length of the loan, lowering the interest rate, or changing the type of loan from a variable-rate loan to a fixed-rate loan. 

A loan modification is a good option if you're struggling to make your current payments but think you'll be able to eventually catch up.

Negotiation

Negotiation is often a good option for people who have a good history of making payments on time but are struggling due to a change in circumstances. 

When you contact your creditors and ask them to lower your interest rates or change the due date of your payments, you are effectively negotiating with them. 

This can be an effective way to get relief from high-interest rates or monthly payments that are difficult to make. Of course, not all creditors will be willing to negotiate, but it is certainly worth asking. 

If you can successfully negotiate a lower interest rate or more favorable payment terms, it can make a big difference in your financial situation.

Creating a Budget

The last option is creating a budget. This means looking closely at your income and expenses and coming up with a plan to best allocate your money. 

This can involve cutting back on non-essential expenses, such as entertainment or eating out, and redirecting that money toward paying down your debt. 

Creating a budget is a good option if you're not currently able to make all of your minimum payments, but I think you could if you were more mindful of where your money was going each month.

If you're struggling to make ends meet, know you're not alone. There are options available to help you get relief from your financial burdens. Loan modification, negotiation, and creating a budget are all viable options depending on your individual circumstances. 

Don't hesitate to reach out for help if you're feeling overwhelmed - some people can assist you in getting back on track.

Financially Overwhelmed? 4 Tips for Keeping Your Monthly Payments Organized

Staying on top of your finances is important, and a big part of that is making sure that all of your monthly payments are paid as they are supposed to be. It’s easy to become a little overwhelmed with this, but these tips will help a lot.

Write up a Budget

It’s going to be hard for you to pay your bills if you don’t know how much your bills are and if you don’t set aside enough money out of your paychecks to pay them. Tally up all of your bills, from your online property tax payment to your average electric bill and your mortgage or rent. 

Then, make a plan for how you are going to afford all of the payments. Make sure that you leave room in your budget for other expenses, too, such as food and gas.

Use Autopay

When possible, consider signing up for autopay with your creditors. This is a good way to make sure that you don’t forget to pay a bill, and you will not have to worry about the hassle of actually physically paying it each time. Plus, many companies actually offer some sort of discount or incentive for customers who sign up on autopay.

Use Online Bill Pay

When autopay is not an option, consider at least using the online bill payment system that your creditor offers. Then, you do not have to worry about leaving the house or making a phone call to pay your bills. 



You should be able to pay them at any time of the night or day, whenever it is most convenient for you. This can make your life a whole lot easier when it comes to paying your bills.

Keep Documentation

Make sure that you keep receipts and confirmation numbers of the bills that you paid. This will help you balance your bank account and keep better track of your spending. 

Plus, if something goes wrong and you aren’t credited for making a payment, you will have proof that you did pay your bill. This can really come in handy if you have a problem with a bill later on.

If you’re having trouble keeping up with your monthly payments and keeping your money organized, then it’s time to make some changes. With the help of the tips above, you can take back control of your finances. In no time, you may find that you are in a better financial situation.