STEPS TO TAKE IF YOU’RE CONCERNED ABOUT PAYING BILLS
If you haven’t looked at a budget in a while, now’s the time to do so. Every Dollar is a great free app to use to get a budget together.
Get clarity from your income sources as to what the reality will look like over the coming weeks.
Cut spending to bare necessities. If you can’t pay all of your bills, Dave Ramsey recommends you spend your money on these four items first and in this order:
If you’re still not able to cover all of your expenses, identify payments that can be deferred:
Call creditors to explain your situation. You can ask for temporary relief on your monthly payments. If you offer to still send some money, even if it’s a smaller amount than your typical payment, they might be more willing to work with you.
If you have federal student loans, you can forbear (interest accrues) or defer (interest doesn’t accrue on subsidized federal loans) your loan payments.
If you’re paying extra on debt(s) right now and have less than one to two months’ worth of expenses in an emergency fund, it might not be a bad idea to temporarily stop extra payments and then restart them once things settle down.