It’s late, and everyone has gone to bed … except you. You’re still staring at your laptop or checkbook register. No matter how many times you do the math, the numbers just won’t add up. It’s clear that you simply don’t have enough money to pay your bills this month.
When there are 10 bills due, and you only have enough money to pay off three, fear may be the first emotion you feel. The next is embarrassment. “How could I have let this happen to me? What will my family say if they find out about this? My parents made so much less than I do, but they never paid any bills late!”
You are not alone. Many people you know are going through similar struggles—or they have in the past. The good news is you can take these steps right away to start turning your finances around.
Step 1: Evaluate Your Monthly Household Income
Take inventory of all the money you have coming in. If you’ve lost your job, you might qualify for state unemployment benefits. If you have a job, but your paycheck doesn’t cover all your expenses, you may need to find a way to make some extra money. A side job that you can do in your free time, like selling second-hand goods online, could bring in more cash—and make space in your closet.
Step 2: Review and Adjust Your Monthly Expenses
First, identify the expenses that you absolutely have to pay for, like housing, food and transportation to work. If you have secured loans, like a mortgage or a car loan, it’s important to pay those first so your creditors don’t repossess your house or car if you fall too far behind on your payments.
Once you’ve identified your “must pay” expenses, take a look at everything else. You may be able to save money by cutting back on restaurant meals and other optional expenses. Then, reduce or eliminate any services that don’t involve additional penalties or early termination fees. For example, you could downgrade your monthly cable or satellite package, cut down on your wireless plan or eliminate your home phone service and keep only your cell phone.
Step 3: Get the Expert Help You Need
Our number-one goal is to help you become financially strong once again. If you can’t make the payments on your VyStar loan or credit card, call our Lending Services Operations Department at 904-777-6000 or 800-445-6289, option 2. We’ll walk you through your options and help you make a plan for getting caught up on your payments.
For help with the bigger picture, you can also talk to a VyStar Money Makeover coach for free. Your coach can help you track your spending and create a budget to keep your finances on track. We also offer free, confidential financial counseling through the BALANCE program for VyStar members.
When it comes to personal finances, fear can lead us in the wrong direction. Our VyStar team members are trained to see you through hard times, and some have even conquered financial challenges of their own. You will get through this, and the experience will only make you stronger.