| Whether you know it or not, you are always setting | | | | your source of income is not a job then go to the next |
| your financial priorities. Some may decide that a new | | | | step. |
| stereo system is more important than this month's | | | | And Now? Naturally, this would be your other bills. You |
| electric bill. This may be a little off the wall but it is still | | | | can even split this category a little further. |
| setting your priorities. | | | | First, you have your bills that are secured by property. |
| Anyone wanting to better manage their money would | | | | You should always pay these bills first. |
| be wise to determine what their financial priorities are | | | | Secondly, your unsecured bills which are probably |
| and stick to them. Of course, if you see that these | | | | credit cards. |
| priorities will not put food on the table and pay your bills | | | | The reason you should always pay your secured bills |
| then you will have to rethink your priorities. | | | | first is that it is much more likely that they can take the |
| Setting your priorities is simple. You just decide what is | | | | secured property and probably will unless payment is |
| the most important aspect of your finances and put | | | | made. While credit cards companies are notorious for |
| that item on top. However, if you decide on that stereo | | | | their threats, they very seldom follow through. I'm not |
| over your electric bill, you may find yourself in the dark | | | | saying not to pay them, just that they aren't as high a |
| with no need for a stereo. | | | | priority as your secured bills. |
| There are basic priorities that pertains to everyone. | | | | Next would be your savings. I really to hate to list |
| These are simply a matter of survival. Here is a list of | | | | savings as your last priority because having a savings |
| the basics: | | | | can prevent the use of those dreaded credit cards |
| Water | | | | and help in so many ways. If you have the money to |
| Food | | | | cover all of your other priorities then you should |
| Shelter | | | | always put savings at the top of the list. However, if |
| That was a tough one. | | | | you don't have enough money to cover your bills and |
| What does it take to ensure that our basic needs are | | | | expenses then your savings will have to be the first to |
| met? The main ingredient is a source of income to pay | | | | go. |
| the rent or house payment, pay the utilities, and buy the | | | | Just to recap. The below list is an example of what |
| groceries. This is where you start setting your priorities. | | | | your financial priorities should look like: |
| Before you can spend another penny, you have to | | | | 1. Groceries and Necessary Health Items |
| take care of what you need to survive. Don't put off | | | | 2. Housing (Rent or House Payment) |
| the rent or house payment, utilities and don't skimp on | | | | 3. Utilities |
| your groceries and necessary health items. If you do | | | | 4. Transportation |
| you will start experiencing money problems much | | | | 5. Secured Bills |
| sooner than you would if you had delayed paying | | | | 6. Unsecured Bills |
| other bills instead. | | | | 7. Savings |
| What's next? If your source of income happens to | | | | Let's hope that you never get in the position to have to |
| come from a job, then I would say your transportation. | | | | decide which of the above list will have to wait. But if |
| You have to get back and forth to work so you can | | | | you do, following the above priorities is absolutely |
| afford all of the other stuff. This would include your | | | | necessary to ensure your survival. |
| vehicle payment, gas, insurance and maintenance. If | | | | |