![]() ![]() If you’re a homeowner, PolicyGenius allows you to compare dozens of insurance companies for the best homeowner’s insurance rates. Pro tip: This is a great time to make sure you’re getting the best insurance rates. Doing so can lower the cost of your health insurance considerably. If you purchased a plan from the marketplace, you qualify for a special enrollment period if you’ve recently lost your job and associated coverage, if you’ve had a change in income, if you’ve gotten divorced, and for a few other reasons.ĭuring the special enrollment period, you can apply for Medicaid or CHIP if your income is below the threshold or a credit on your insurance premiums based on your income. If you’re struggling to afford your premiums, you do have some options, particularly when it comes to health insurance. Without insurance, medical bills can easily add up. Paying your insurance premiums even when money is tight is a smart move. Having insurance is always a good idea, as it provides financial protection against the worst things life can throw your way, such as illness, fire, or accidents. ![]() If you think you qualify for LIHEAP, the sooner you apply for it, the better your chances of receiving aid. LIHEAP has specific income requirements and is grant-funded, meaning only a set amount of money is available each year. Many utility companies have programs to help people pay their bills.Īnother option is the Low Income Home Energy Assistance Program (LIHEAP), a federally funded program that provides financial assistance to help people pay energy bills. The first place to look is your local utility provider. Although some people count TV and the Internet as utilities, those services aren’t essential for everyone.įortunately, many programs exist to help people who need emergency financial assistance paying bills. UtilitiesĪfter your mortgage or rent payment, the next most important bills are your utility bills: gas, water and sewage, and electricity. Another option is to try to find someone to take over your lease so you can move somewhere that costs less. If you’re renting and your landlord can’t or won’t be flexible about payments, you might have more wiggle room than a homeowner.ĭepending on how much time you have left on the lease, you can simply wait it out, then look for a less expensive place to live. For example, you can add an extra $100 or so to subsequent payments until you pay off the balance. If you can’t pay the full amount this month, tell the landlord how you’ll make up the difference. You can help the situation by suggesting solutions.įor example, if you’re going to pay late, tell the landlord when you plan to make the payment. Many landlords are willing to work with you to come up with a solution. Explain the situation to them in detail, including whether you think you’ll be late with payment, won’t be able to pay all your monthly rent, or won’t be able to pay at all. If you’re a renter, talk to your landlord as soon as you know you’ll have difficulty paying rent. The counselor can work with you to create a plan to help you avoid foreclosure. You can contact HUD to connect with an approved counseling agency. The United States Department of Housing and Urban Development (HUD) also has programs available to homeowners struggling with their mortgage payments. If a lender agrees to modify your loan, they adjust your interest rate or otherwise make changes to lower your monthly payment. Your lender can review your options, such as forbearance or loan modification, with you.ĭuring forbearance, you stop making payments on your loan, but interest continues to accrue. ![]() Many mortgage lenders have programs in place to help homeowners who are facing financial hardship. When money is really tight and you’re not sure you can pull together enough to make a payment one month, the best thing to do is talk to your landlord or lender. Keeping up with your housing payments is a must if you want to stay in your home. If you fall behind on rent, your landlord can evict you.Įven though the foreclosure or eviction process can take months, it’s not something you want to risk happening. If you fall behind on mortgage payments, you risk having the lender foreclose on your home. Last on the list are bills that can ding your credit history, but not much else, if you fall behind on them.Īlthough you can make some adjustments to the order you pay bills based on your circumstances, it’s usually best to focus on paying your housing bills first, then paying what you can with the money you have remaining. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. Motley Fool Stock Advisor recommendations have an average return of 397%. ![]()
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