The bills keep coming, but your income just doesn’t stretch far enough... we've all been there. It can feel overwhelming trying to decide which payments to make first and which can wait. But, with a clear plan and a calm mindset, you can take control of your situation and start moving toward financial stability.

 

 

1. Start by Understanding Your Situation

Before you can make decisions, you need a clear picture of your finances. 

• List every bill, including rent, utilities, credit cards, loans, and subscriptions. 
• Note the due dates and minimum payments.
• Compare that list to your actual income so you know exactly what you’re working with.

This step can be uncomfortable, but it’s essential because awareness is the first step toward action.

💡Tip: If you get paid multiple times a month, list income and bills by the pay period.

 

 

2. Cover the Essentials First

When money is tight, focus on what keeps you and your family safe and secure:

• Housing: Rent or mortgage should be your top priority. Losing your home creates far bigger problems.
• Utilities: Pay for electricity, water, and heating first. Some utility companies offer hardship programs — ask about them.
• Food and Medicine: Essentials come before debt payments or extras.

These are your “non-negotiables.” Everything else can be worked around them.

 

 

3. Stay Current on Transportation and Work Needs

If you need your car or public transportation to get to work, those costs are critical. Without income, it’s even harder to recover financially. Try to keep your vehicle insured and running, or ensure your transportation costs are covered. 

💡Tip: Your cellphone and internet access are considered work essentials. 

 

 

4. Communicate with Creditors

If you can’t make a payment, don’t ignore it. Reach out to your lenders, credit card companies, or landlords before the due date. Many are willing to:

• Offer temporary hardship programs
• Reduce or defer payments
• Waive late fees

Proactive communication can protect your credit and lower stress.

 

 

5. Cut or Pause Nonessential Spending

Review your budget and find expenses you can temporarily cut or pause. Examples include:

• Streaming subscriptions
• Dining out or takeout
• Gym memberships
• Unused apps or services

Even small changes can free up money for what really matters.

 

 

6. Create a Payment Plan

Once you’ve handled essentials, prioritize the remaining bills by:

• Consequences: Which bills have the most serious outcomes if unpaid? (Think car repossession or losing insurance.)
• Interest rates: High-interest debts, like credit cards or payday loans, should be next once basics are covered.
• Long-term impact: Stay current on things that affect your credit score or employment opportunities.

 

 

7. Seek Professional Guidance

If your budget feels impossible, don’t face it alone. A certified financial counselor can help you:

• Create a personalized spending plan
• Contact creditors on your behalf
• Explore debt management or relief options
• Build a long-term financial strategy that works for you

 

How Walters Financial Wellness Can Help You

At Walters Financial Wellness, we help individuals and families find peace of mind through practical financial solutions. Here’s what we can do for you:

 

✅ Personalized budgeting and spending plans

✅ Debt management and repayment strategies

✅ Credit report review and credit-building advice

✅ Emergency financial planning

✅ Negotiation support with creditors and lenders

✅ One-on-one financial counseling sessions (in-person or virtual)

✅ Ongoing accountability and support to help you stay on track

 

You’re not alone and your situation isn’t hopeless! Taking control of your finances starts with small, smart steps. When money is tight, prioritizing your bills the right way can help you stay secure today and build confidence for tomorrow.