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Financial setbacks come in all shapes and sizes. Long-term, short-term regardless of what happens in our life we roll with the punches.
When life throws my family a curve ball, I go into conserve mode. Immediately, I consider my largest expenses and how I can make payment arrangements.
Cable TV
Cancel or suspend your cable or dish service when you encounter a financial setback. If you don’t want to cancel your cable service entirely, contact your cable company for options to suspend your service.
My family and I have interrupted cable services for various reasons. It is now easy to pay for inexpensive stream services like Philo, Roku, and Amazon.
Check with your cable company about suspension dates or ending a contract.
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Cell Phone
Trim down your cell phone bill. Before being late on your cell phone bill, contact your provider right away.
A representative should be able to review your plan and assist you in eliminating any add-on services or upgrades that you don’t need.
I have done this with T-Mobile and Verizon. If you have been with your provider for an extended period, they are typically apt to keeping you as a customer in good standings.
Grocery Bill
Limit eating out and buy affordable groceries. Buy generic groceries instead of name brand groceries. Plan your weekly meals and order online with free pickup or shipping service.
Ordering groceries for pickup has proven to cut grocery bills. By picking up groceries I am not tempted to purchase food or items that I don’t need.
Also, I don’t buy nearly as much junk food, and I save time. Many name brand stores in my area are offering these services for free.
Visit your local grocery stores for more information.
Medical Expenses
Medical bills can be paid in payments. Healthcare companies will strategize a payment plan for you. Find out if your medical provider offers financial aid in addition to their payment plans.
If your income has significantly decreased, you may qualify for financial assistance.
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Student Loans
When financial setbacks strike, it is normal to feel the stress. If you know your situation is short-term, you may want to consider a student loan deferment or forbearance.
If you believe your financial setback to be long-term, you can request an income-driven repayment plan. Like all other providers, the U.S. Department of Education would rather you act quickly than to wait until your situation has not made it possible to adjust.
Contact your loan servicer for payment options.
Conclusion
Bottom Line is do not be afraid to ask any of your providers for help during a financial setback. Providers will try to assist you during your setback.
Consider your options carefully and cut back on expenses you don’t need. Apps like Ibotta can be used every time you shop. They provide cash back on grocery shopping, retail, restaurants, clothing stores, and more.
