Good money management and a budget is essential even in the best of times. But when somebody is struggling financially the importance of prioritizing what to pay and when cannot be overstated. In difficult times one’s financial survival is dependent on making the right decisions as quickly as possible and seeking help immediately.
Below is a brief suggestion for prioritizing your expenses. No two person’s circumstances are identical. The attorneys at Bellenot and Boufford LLC have more than 28 years of experience tailoring a financial game plan for those suffering financial difficulties.
Prioritize Your Expenses
You need to survive, so expenses such as food, utilities, insurance and medical needs must always come first. Then your mortgage or rent. Let the credit card companies yell and scream all they want. Pay your mortgage or rent first and get help dealing with your credit cards and other unsecured debts.
If your mortgage company will not accept your payment for any reason, save the money. Don’t spend it on anything. You may need every penny of it to eventually bring your loan current or to modify your mortgage. Do not give it to other credit companies or be tempted to spend it on anything other than your mortgage.
Bellenot & Boufford LLC can take a comprehensive review of your finances and financial resources and develop a budget to improve your financial well-being moving forward. This will also help determine what options are available to and how to approach your mortgage lender.
The sooner you seek help and implement a financial plan, the sooner you will improve your family’s quality of life and sleep better at night.
Give us a call at 203-304-9050 or contact us to schedule your free initial phone consultation.