What Do You Do When The Bills Are Out Of Your Control?

Discussion in 'Financial Planning' started by WildSpirit, Jul 17, 2017.

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  1. WildSpirit

    WildSpirit Active Member
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    It's true that this kind of situation has happened to everyone at least once in your life (if it has not happened to you yet, do not worry because it's only a matter of time... I can assure you ;)), no matter how careful we are with controlling our bills.

    How do you react when this happens to you?

    Well... It may seem like something very cliche to be used as an answer, but I think the initial step is not to get out of control because a confused mind can't find the light at the end of the tunnel. :)
     
  2. Scarlet

    Scarlet Member
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    It happened to me because sometimes you can't control the situation especially during emergency or something unexpected happened that you were billed automatically because of error. When my bills are out of my control, I usually analyzed what went wrong and search for the best option to fix the problem. When my bills got out of control, I made a loan to pay it.
     
  3. CivilDefense

    CivilDefense Expert Member
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    One of the best moves I made as a young person was to track everything financial with a software program. With it, I could analyze where everything was going, where to improve upon handling cash-flow, track all of my investments, etc. If you don't have the data, it is very hard to keep on top of it. I, personally, use Quicken Premier, but there are a lot of options circa mid-2017 now.
     
  4. streettallest

    streettallest New Member
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    When the bills are out of control just stay calm. You have to reappraise or repriotise your preferences. I think almost everyone has seem a period like this.
     
  5. PedroP

    PedroP Active Member
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    I have been like that for the past year. Hopefully, my parents can cover most of my expenses so I have been able to get by with the little that I have. Still, it is hard to find a job. I have been turning to freelancing and such to help pay the bills.
     
  6. Maria_C

    Maria_C New Member
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    Never been in such a situation. I think when one finds bills higher than what he was expecting, the best thing is to calm and look for ways to finance them. After clearing everything, he should then cut or minimise the sources causing those.
     
  7. lonewolf

    lonewolf Moderator Staff Member
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    what you do is stop living above your means.
     
  8. Jewelweed

    Jewelweed Member
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    In a situation when the bills seem out of control, we bring them back under control as swiftly as possible by cutting all spending back to bare minimum necessities. We track everything in detail so we'd use that as our starting point.

    For instance, if I were to lose my part-time job, we'd immediately ditch the cable and switch to cheaper cell phone plans than we currently have. Ditching Comcast would save us $170 per month. We have 4 active cell phones at $65 each per month but we could cut it to $85 per month for all four phones if we changed to what I consider the bare minimum by switching carriers. I'd cut the extra out of our grocery budget and possibly change brands of animal feed to cheaper versions, possibly also feeding less and expecting them to forage more. The fuel for my vehicle would be less. If we went a few months and I still didn't have a job, we'd probably sell my vehicle. We could save the cash for a future vehicle purchase or other need and reduce our insurance needs. We might cut the other vehicle down to liability only insurance instead of full coverage. We're very aware of luxury spending in comparison to minimum needs. When we were building our stockpile, anything we considered luxury got cut to put towards prepping. Now that we feel secure with what we have, we're a lot less careful.
     
  9. PedroP

    PedroP Active Member
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    I think I sold almost everything that I had of value that could be sold. The problem is not that I cannot cut costs it's just that cutting costs don't help because I gain very little money either way. So I always have to rely on my father. This has put such a strain on our relationship and my relationship with my family but unfortunately, i have no other choice. It's something that I must endure until things improve.
     
  10. Keith H.

    Keith H. Moderator Staff Member
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    it has never happened to me & it never will. If I can't afford to purchase something, then I don't purchase it. Our credit cards have NO credit attached, accounts only. Same applies, no money in the account, no purchase.
    Keith.
     
  11. Old Geezer

    Old Geezer Master Survivalist
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    Rob a liquor store.
     
  12. lonewolf

    lonewolf Moderator Staff Member
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    don't get into debt in the first place and if you do clear it as soon as possible, the problem is not so much the debt as servicing the debt so much is lost in interest payments especially if you only pay the minimum each month.
    so from a prepping point of view its better not to get into debt.
     
  13. watcherchris

    watcherchris Master Survivalist
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    Agree...don't go into debt in the first place if you can help it.

    Also...once I found out that I could make extra payments on accounts and knock off the interest payments..I began to so do...and as often as I could.

    Once you get things paid off....be very very careful about going back into debt.


    Too many people go into debt for frivolous non essential items or to support a very indulgent lifestyle....entitlement beliefs etc etc.

    Many of these people wind up making someone else...."Expendable and disposable" to maintain their lifestyle at a age when they should be self sustaining....male and female both.

    It does not come across as "Expendability and Disposability" but that is exactly what it is and it is not popular today to so describe it.


    I told my own brother to move out of my house years ago..because I thought I was being a good brother in letting him move in after him having a hard time making it out on the street.

    It wound up that he was only "Pit Stopping".....being 16 years olde again while I carried his weight ...gratis....working overtime to pay both of our bills.

    He was willing to make me "Expendable and Disposable" while I was carrying the load for both of us.

    I told him to move out....he could not be 16 again while I was carrying him and his weight.

    People out here working do not want to raise someone twice..or their children twice...when their children discover life out here is not like television and movies. That you don't deserve the Happy Ending complete with popcorn and beverages. That you have to earn them.


    That is what I learned in thinking I was properly loving and taking care of my own brother and the debt involved in so doing.
    For it made it difficult to meet my other payments.

    I can take this further but this will suffice for now.



    Thanks,
    Orangetom
     
  14. TexDanm

    TexDanm Shadow Dancer
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    There are all kinds of reasons and ways to get into debt. It happens and can happen to any of us. When it happens and you decide you want to get out of debt you need to first sit down and put on paper first every debt that you have and the monthly payments and interest rates of each. Then you need to make a list of all of your necessary expenses like food, gas for the car, insurance, rent or house note and utilities.

    After you have figured out how much you need to just stay even you need to figure out what your monthly income is. And see if it is even possible for you to pay your bills. Usually when you get to this point you are having lots of late fees and penalties and when you add those to your burdin it gets overwhelming FAST.

    Now it is time for decisions. If you have a bunch of credit cards you need to cut up and cancel most of them. Believe it or not if you contact these people you can sometimes work out a deal with them for a lower interest rate and pay off. It is their best interest to help you rather than have you go toes up on them and not pay them.

    Once you get this together you need to pay each one a set amount each month and then anything that you have leftover you give to the one that is charging you the highest interest rate or the one you owe the least sometimes. When you pay one off you take the amount you were paying that credditor and add it to the payment of the next on you want to pay off plus any extra every month. At first is seems slow but it snowballs. Every time you pay one off that is that much plus that you give to the next on the list.

    Make a budget when you start this and make sure that you have some fun money in there. Once you aren't getting hit with late fees and such you will have more money. There are actually places that will help you set this sort of thing up that are FREE. They are actually paid by the people that you owe money to for helping you not default and quit paying. It works and it doesn't take forever. Once the snowball effect kicks in you will start seeing people get paid off pretty fast. Imagine if you could take ALL of the payments that you are making to ALL of your creditors and give that amount to just one of them. That is how this ends up. When you start dropping a thousand a month on that last creditor it fades away fast!
     
  15. Old Geezer

    Old Geezer Master Survivalist
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    "What Do You Do When The Bills Are Out Of Your Control?"

    If you are a government, you simply pretend more money into existence via borrowing -- knowing full good and well you will never be able to pay off such a ridiculous stack of IOUs. One day, of course, this results in a depression of value followed by explosive hyperinflation. It works for a while and remember to dodge out before the collapse by buying something real with your fiat, i.e. pretend, "money". Leave others holding the stinky stuff.

    If you are a bank without sufficient assets to continue the plate-spinning, try to get large enough so that you become "too big to fail". That way, sheeple taxpayers will be violated by your country's government into covering for you. You will be pretended back into existence for a little while, anyway. If you have not been sent to jail, dodge out of the country to some other country where you used other people's fake money to buy real property and the local police.

    This is actually not that complicated of a scam. It is called being progressive. During the 20th century, the economies of over 22 countries died just as described above. So long as people want something for nothing, this scam will continue.
     
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