In some states, child support payments are auto deducted from your paycheck. Start with your largest bills first, such as your rent, mortgage, and credit cards, followed by auto loans, personal loans, or any student loan. Using a spreadsheet or pencil and paper, make a list of your bills. The court also must ensure the well-being of the child. Getting a handle on how to pay your bills on time starts with knowing what bills you have. Write down what each bill is for, the amount owed, and the due date. The more often you pay late, the more of your hard-earned money you're likely to hand over in fees. Aside from potential credit score damage, paying bills late can cost you if you're being hit with fees. The first step to staying on budget is to know what you owe and where your money goes. Penalty rates can easily approach 30, making carrying a balance on your card month to month much more expensive. It’s the court’s job to establish a payment that is fair for both parties. These usually have a fixed due date and if you’re late, you’ll likely pay a fee and risk a negative entry in your credit history. Thus, it’s a high priority from a legal and moral standpoint. Step 5 – Child SupportĬhild support is a court-ordered payment. The key here is buying a car that meets your needs and fits within your budget. If you don’t, your creditor may buy insurance for you at your expense. If you need your car to get to work, rank your car payment just below food, medicine, housing and basic utilities. Are these “needs” or “wants”? Could you do without them in a financial crisis? Could you save money on electricity, heating and cooling, or phone bills? Step 4 – Transportation Write down all of your outgoings for the month this should include your rent or mortgage, gas and electric bills, insurance payments, your food shopping and. Carefully analyze other expenses in this category such as cell phones, house phones, Internet and cable TV. Working hard to maintain your mortgage or rent payment makes little sense if you don’t have heat, water or power. Make payments on essential utilities such as heat, water, and electricity.
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