It’s never easy when you get behind on your monthly bills, whether it’s credit cards, insurance premiums, student loans, or your mortgage or rental payment. And if nothing changes in your circumstances, catching up can become increasingly impossible – leaving your situation worse each month.
Modifying your lifestyle, decreasing monthly payments and earning additional funds are all ways that can help you move closer to financial independence. Read on for ideas on steps you can take right not to get control of your bills. From lowering your monthly vehicle insurance payment to saving money on groceries, we’ll share the best tips to get immediate results.
Change Your Lifestyle to Save Money
Perhaps you’ve been spending too much money each month on nonessentials. You have to pay for shelter and food, but if you’re spending beyond your means, then you need to make some life changes if you want to take control of your financial situation.
Eliminate Expensive Self Care
You’ve probably heard that it’s essential to take care of yourself. And it is. But it doesn’t have to be expensive. If you’re having trouble paying your bills each month, you need to evaluate how much you’re spending on self-care, and if it’s too much, look into alternatives.
For example, if you’re buying a seven-dollar coffee drink five days a week, consider making coffee at home and splurging on a coffee shop drink once a week.
Remember that taking walks is free and a great way to care for your body and take time to clear your mind.
Other low-cost ways to care for yourself include reading a book, listening to music, and connecting with friends.
Downsize to a Cheaper Living Situation
Rent and mortgage costs that exceed your means can cause immense strain in many other aspects of life. By downsizing to a smaller home or apartment, however, the stress levels in other aspects can decrease significantly while freeing up money to catch up on bills, build savings accounts and escape debt altogether.
Reduce Your Monthly Payments to Make Bills Affordable
One way to get on top of bills is to make them lower, so you have enough money to pay for them.
Compare Insurance Premiums to Find a Cheaper Provider
It’s easy to lower your auto insurance premiums. As you age and your circumstances change, you may become a better fit with a different insurance provider. The only way to know is to compare premiums.
You can use a comparison website to get started and get several quotes. Once you narrow your selection down to three or four providers, compare each provider’s financial stability and customer satisfaction standings. Sometimes the cheapest potential provider isn’t reputable, and it’s not worth having poor coverage so that you can save a couple of dollars.
Use Less Electricity
You could save up to $100 monthly on your power bill if you take a few steps to lower your electricity payment.
Sealing up drafts around your windows and doors will help your air conditioning and furnace work less to keep your home temperate.
You can also raise your thermostat in the summer and lower it during the winter to spend less cooling and heating your home.
Be sure to keep lights off when you’re not using them, and unplug electronics unless they’re in use.
Communicate With Your Service Providers
If you’re going through a hard time, you might be eligible for help with your payments. There’s no guarantee, but you won’t know unless you ask.
If you have medical bills, the hospital system will usually be willing to set up a payment plan. They’d rather be paid low monthly payments over time than focus their resources on demanding immediate payments.
Cancel Subscriptions
Cable is becoming less and less popular, and most people have switched to streaming services. Some of the biggest channels on cable are now offered by Amazon streaming. Consider rotating your streaming subscriptions. Instead of paying for three different subscriptions monthly, buy just one monthly subscription and switch it up when you’re ready for a change.
If you’re buying subscription boxes each month and falling behind on your bills, cancel those subscriptions. You probably don’t need what’s in the boxes, and even though it’s fun, it’s an unnecessary expense.
Start Earning More Money
There are several ways you could earn money to help you stay on top of your monthly payments.
Work Overtime to Increase Your Earnings
If your job has the opportunity to work overtime, take advantage of it. The further you fall behind on your bills, the harder it will be to recover. So sacrificing some of your time to work a few extra hours a week is worth it.
Pick up a Seasonal Job to Boost Your Income
Perhaps you can work a part-time job on the weekends. Seasonal jobs can be a great way to commit a few weeks to earn extra income without worrying that you’ll get stuck working during every spare moment forever.
During the spring, you could pick up a few hours at a garden center, and before the holidays, you could work a few hours a week in retail.
Do Odd Jobs for Fun and Additional Income
You could do several odd jobs, from walking dogs to teaching classes.
If you like animals, you could start a pet walking business and earn money with the additional benefit of getting exercise for yourself. You might even expand your business to provide pet care when owners are on vacation, and if you’re ambitious, you could add yard cleanup to your list of pet care services.
If you’re good at something, there will probably be a market for teaching your skills. From playing an instrument to cooking, you should consider offering a weekly class to share your knowledge with others and earn extra money.
Don’t Let Debt Consume You
If you’re falling behind on your bills, do something about it now. It won’t get better on its own. Instead, you need to take the initiative and make the necessary changes to control your finances.
Melanie Musson writes and researches for the car insurance site, CarInsuranceComparison.com. She’s passionate about helping others understand their insurance needs and how the right policy can set them up for financial stability immediately and in the future.
