Doing The Math

PART 1

Understanding that this might seem challenging, I want to reassure you that regardless of how the numbers appear, you are simply collecting information on them. 

1. Sit down and assess your financial situation. Consider all sources of money, including cash (even what you have stashed away or in your wallet), bank account(s), online accounts, savings, and credit.

2. Organize your bills in due date order.

3. Begin making calls to your creditors to:

• Extend the due date if possible.

• Try to reduce the expense.

• Consider cutting unnecessary expenses.

• Or, if feasible, place some payments on pause.

| Also Read: 5 Habits to Simplify Your Budgeting Journey

Start working on a weekly budget versus a monthly or biweekly budget.  

| Why this helps: By understanding your current financial position, you can prioritize which payments to make immediately, identify those that can wait, and determine the minimum income required to sustain your needs.

📌Budgeting Tip: Halve your rent and see if you can manage your weekly budget by paying it on a weekly basis. For example, if your rent is $900 a month, break it down by half and begin budgeting to pay $115 towards rent every week.

Additional Tips: 7 Strategies for Navigating Financial Challenges

You Might Like This Guide:  Budget Overview Worksheet 

Also Read: Insights from Managing Turbulent Seasons and Income Loss

Watch: December Decision-A Budgeting Challenge

NEXT: Securing Your Lease (Part 2)