Budgeting During a Crisis #1

When times get tough, a common knee-jerk reaction is to panic. But panic is rarely productive, so what are some rational moves you CAN make?

When you’re in crisis budgeting mode, your expenses need to be prioritized. Housing is first, so whether it’s a mortgage payment or rent, make sure those bills don’t get neglected. That includes HOA fees, since sometimes a lawsuit against a nonpaying owner is possible, or even a lien or foreclosure of the property to collect the amount due.

Also make sure that you don’t neglect your utility payments. Be sure to pay your electric, gas, and water bills to prevent shut-off. Look at your other bills to see what can be suspended temporarily, or what you can get rid of altogether (land line, cable, internet, etc.).