Sense & Centsibility Blog

Is Your Income Less Than Your Expenses?

African American man wearing hard had and safety glasses.jpgUnexpected events can happen to any of us. And at anytime.  

Maybe you get laid off from work. Or your car breaks. Or someone in your family gets sick. Unfortunately, this stuff happens. And as soon as it does you need to go into Crisis Budgeting Mode.


You need to keep a roof over your head and your mortgage out of default by paying your rent or home loan, homeowner’s insurance, association fees, and property taxes. Worried about losing your home? Call us at 888.577.2227 to speak with a housing counselor today.


Pay heat, electric, and water bills to prevent shut-off.  Cancel or ask for a temporary suspension of all unnecessary services such as cell/land line telephone, cable/satellite television, and internet.


Stay healthy by sticking to basic grocery purchases. Tips: plan your meals, shop with a list (and stick to it), avoid restaurants, use coupons, and use local community food programs.


Maintain your health with medical and prescription care. Ask your medical provider about prescription drug discount programs, ways reduce your healthcare costs, and payment assistance programs.


Medical insurance and automobile liability insurance premiums are two important expenses. If you have a vehicle loan, collision and comprehensive insurance are essential. In most states if your vehicle is paid in full, you are only required to have liability coverage.


Avoid repossession by keeping up on payments where an asset is pledged as collateral.  Ask the lender if you can pay interest only or skip a payment or defer payments to the end of the loan.


Take action by contacting your student loan lender about special payment arrangements to avoid or cure default.  Call the IRS at (800) 829-1040 and the MN Department of Revenue at (800) 657-3909 about tax resolution plans.


Unsecured debts include signature loans and personal loans where no collateral is involved.  Collection calls may result, but until your finances improve credit cards, old medical bills, book clubs, etc. may have to wait for payment until the other basic living needs are covered.

Need help? Give us a call at 888.577.2227 or visit our website at to start online counseling. Enter in your financial information online and a financial counselor will get back to you within 2 days with an action plan specific to your situation. We can help. Our service is free. Get started now.