Today April 1 is when rent or mortgage is typically due. Many people have been furloughed, lost jobs or had to at least temporarily close a business.
First impulse is to use credit or get a loan. Consider some alternatives:
- Write a letter to your creditors asking them to permit lower payments or to defer a payment
- Prioritize your most important expenses: First is the roof over your family’s head. Least is unsecured debt. ( I can help with this)
- Ask lenders to lower their rates
- Look at ways to save money by cutting back on some discretionary spending. Discretionary would be things that are not essential.
- Change to generic brands. There may be a $3 difference in detergents for example.
- Look for ways to save on utilities. Can you turn down the heat or make sure lights are off when not needed?
- Contact the TV or Cell company to see if you can find a more economical plan. Sometimes if you change companies that can save. Or if you suggest you may change, you current company may offer you an incentive to stay.
- Medical bills maybe deferred without affecting credit rating and some companies may offer to lower the bill if you ask.
- Look at health and other insurance plans for better rates. Change your deductible.
- Look at getting a part time job.
- Cook at home. Buy the whole chicken. It’s cheaper.
- Make a grocery/shopping list and stick to it.
- Grow a garden. This takes a while but will help make your family healthier as well as save on fresh produce costs. It’s a good whole family project.
- Get a hobby that sells. Bake and sell bread for example.
- Provide a service that sells. Sewing for others, cleaning etc.
These are a few ideas. You may discover more as you try some. Pick the ones that fit you best.
I once wrote amusing an amusing anecdote. It was published and I got paid. Got a funny story? It could be worth something.
Need help with contacting those companies or writing letters? Please contact me.