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Get your finances in order

Join The Wealthy - Get your finances in order

Managing Your Money-Deciding Which Bills to Pay First

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There are times when your resources are limited and dealing with the debts comes as a great challenge. No two individuals can have the same financial crunch situation and hence solution to the problem cannot be standardized for all. Here are certain guidelines using which you can make decisions related to the bills which you require to pay early.

1. Food, Medicine and Child Care
Food, medicine and child care requires immediate attention and cannot be postponed for a later date. One requires to make intelligent decisions when it comes to spending on the food or unnecessary medicines.

2. Housing

Always try and remain current on the mortgage payments. Any house you have purchased taking a housing loan, is a secured loan. The lenders require timely and regular payments against the debts. One will be required to make the payments towards the property related taxes and the property protection insurance too if taken. Anyone who fails to make the repayments stand a chance of losing their property to the lenders who possess the rights to sell the property to recover their money.

3. Utilities

Distinguish between your wants and desires. There are a lot of bills which pertain to the utility services like the Internet, Cable, electricity, water etc. all of which can paralyze your life if they are not there. You are therefore required to make timely payments towards the same and ensure that you never fail on the repayments.

4. Auto
Auto expenses comes next to only mortgage. In fact automobiles have come under the category of essentials in the US. It is recommended that you stay current  on all the payments you make towards the auto loan, insurance on the vehicle. One must take a car which perfectly fits their budget. Buying an expensive car just for the heck of it may find you later struggling for the repayments.

5. Child Support
Payments related to the child support are considered to be legal. The court generally orders payments for the child care and one should take every effort to abide by the same.

6. Income Taxes
Income tax has been a headache for most of the Americans. A majority of them find it difficult to follow the developments and the changes in the tax laws and the way it affects their life. However, anyone who fails to file their tax return can get intimation for the audit by the IRS officials. There are implications for not paying the taxes on time.

7. Unsecured Debts

If you are short of funds running away from this situation will only get you into further trouble. It is best to understand your situation and take corrective measures deal with your debts. Any debt related to your credit cards, medical bills can be really large and can affect your finances badly.

If you require some amount of money to deal with the emergency situations, you can go for the unsecured loans. Since you do not require to make any collateral with the lender, you are at no risk of losing them.

One of the basic principles of money management is to simplify the complex situation first. Once you have crossed this stage, the next to come is prioritizing  your debts in whichever way you can with the aim of getting rid of them by means of early payments. The next would be to make provisions in your monthly budget for the extra payments towards the debts.

One of the important aspects which most of the people forget while they take care of your money management aspects is putting control and check points when it comes to expenses. If you can manage them well you can see a great improvement in your financials within a short period of time. Visit Sbwire for more news.

  • Devon says:

    I’m wanting to acquire a job growing up care provider however i don’t have any professional experience dealing with children. I’ve viewed buddies and family member’s children, and I’ve got a 12 months old myself. Which kind of experience will they search for on programs and does anybody have ideas of products I’m able to use from knowledge about my very own child with other children to make use of within my resume?

  • Gaston says:

    I heard by using Obama’s universal healthcare, doctors who work individually can make less and also have to chop off employees.

    I am an Obama supporter therefore if u have proof that that is not true, please let them know having a link.

  • Fritz says:

    well i discovered that my finaces family is happening vaction in This summer which i have to get 1500 dollars to pay for the price of the two of us to visit. Im also looking to get money to obtain an apartment therefore we can get free from his parents house. There is no jobs provided with more hrs or better pay then what im working now within my town.I additionally bowl once per week witch is expensive, however it seems like it is the only factor which i reach do personally. Does anyone have applying for grants ways to earn money, or a method to keep it in check better or something like that cause im really getting stressed all my finacial trouble. Oh as well as i’ve got a monthly payment added for the reason that mess, so someone help

  • Lurlene says:

    I’m considering offering a young child care service for starters child. I’m attempting to make additional earnings which appears like a great choice since i have would still prefer to stay at home with my 3 years old. I’ve plenty of questions though. Just how much to charge for full-time and part-time? Will I charge extra for snacks and foods as needed? Are most parent comfortable with their babysitter/nanny driving using their children (I love to take my boy some were fun a couple of occasions per week such as the park, or chuckee cheese. and can still need run some errands). There exists a dog who’s friendly and there’s no possible way to help keep him separate, is that this an issue? Must i be licensed? Were must i advertise? Yes, it is going to be harder coping with 2 kids however i thought basically may find a young child near to my sons age it might have them both busy a bit. Any advice is appreciated. Thanks.

  • Truman says:

    I compensated the money for that day care fee to somebody who has no SIN this past year, can one claim this expense in my personal tax? How and should i prove the price?