Checklist for Monthly Bills – What to Pay When Money is Tight
Of course we want to pay all our bills on time or even ahead of time.
But what if you can’t?
I made myself a checklist for monthly bills so that I can prioritize what to pay when money is too tight to pay them all on time.
This checklist for monthly bills is based on keeping it simple!
Write down the bills you need to pay (Payee), how much you pay monthly (Paid) and then check off each month you make the payment.
When money is tight it’s important to pay the essentials. I’ve heard this called “lights on budgeting”. Essential what are the most important things to pay to keep the lights on.
I’ve personally found that there are some bills I can delay without consequence. They don’t get reported as late bills to Equifax and they don’t get shut off. I’m not going to tell you which bills to pay or not pay, I don’t feel that’s ethical, but I can tell you that I’ve delayed some utilities for months. As I said I’m not recommending it. Pay your bills as soon as you can, of course!
So here is my idea of lights on bills:
- Rent or Mortgage
- Heat (Gas)
- Light
- Water
- Electrical
- Internet (we need this to make money as we work from home)
- Phone
- Insurance
After you pay the lights on bills then you’ll want to start checking off all your other important payments.
Look at them in this order:
- Safety First – This is the “lights on” bills. This is for your safety and survival. We obviously must keep these bills paid in order to live.
- Basic Needs – After the you have your absolute needs then you have basic needs such as groceries and transportation for work or school.
- Minimum payment on debts – Go for your debts NEXT – it’s not time for us to reward ourselves with a nice meal out.
- Non-Essentials – Streaming services, gym, meals out, etc. Or cancel what you can and put the money towards your Emergency Fund.
I’m using the checklist below to track my bills.
You can use it, too, if you like: Checklist for Monthly Bills
