Homeword uses sustainable methods to provide safe, healthy homes people can afford and strengthens community through housing counseling and education for those in need.

Financial Resilience - Paying Bills

  • posted by Jessica Burson
Financial Resilience - Paying Bills

If you're worried you can’t pay your bills or are current unable to pay bills, here are some tips to help boost your financial resilience.

Action Step 1: Take an inventory of what you own and what you owe. Homeword’s Personal Financial Statement (available via our Financial Fitness class) includes a review of your net monthly income (what are you actually bringing home in a paycheck) and vehicles, real estate, cash value on life insurance, etc.

Action Step 2: Look at what life costs your household per month. Print out last month’s transactions from your checking account and or credit cards. Homeword’s Monthly Budget (available via our Financial Fitness class) encourages you to track what you actually spent each month on things like groceries, fun money, heat, etc. This helps you be realistic about your costs and get creative about where you can cut.

Action Step 3: Prioritize Needs over Wants.  Add up the total amount you need to cover your: 

- Monthly Needs (aka: household bills, gas, groceries) 

- Minimum Debt payments 

The total of these two numbers is the minimum amount of money you need to not be late on essential bills.   

Action Step 4:  If your upcoming income is not likely cover monthly needs and minimum debt payments, our future posts will include more ideas and solutions. 

Please register for our next Financial Skill Building class to learn more financial skills to help increase your financial resilience.