Monthly Bill Statements

Contact us if you are unable to meet your minimum payment of your monthly bill budget

 

Many of us enjoy the anticipation of Christmas with family gatherings and the excitement of children tearing open carefully wrapped presents. It is the months after Christmas that can be a let down with the continuing long, dark, cold winter settling in together with the monthly bill statements arriving in our mailboxes. The financial stress often becomes more intense at this time of year.

Families facing these financial stresses may also be showing signs of relationship tensions that weren't apparent during the festive holidays. We recommend that a financial assessment be completed by reviewing a monthly budget and reviewing all debts. This assessment will help take stock and evaluate the seriousness (or not-so-serious extent) of the problem.

A family budget should be written out including all of the many monthly expenses required to keep the household going and also reviewing pay stubs to get an accurate picture of family income (after the taxes are paid). It may also help couples start talking and working together in a helpful manner to resolve the stresses.

Depending on the financial picture that becomes apparent from assessing the monthly budget, different options should be considered. Your financial picture will show one of the three situations listed below.

1. Monthly budget - income exceeds monthly expenses.

2. Monthly budget - income equals monthly expenses.

3. Monthly budget - expenses exceeds monthly income.

The first situation provides the most options, situation two means that the family must be very careful to actually stay within the budget and situation three unfortunately means serious changes are necessary.

It is important to consider all of the debts outstanding. Every debt should be listed with the total amount owing, the interest rate and the minimum monthly payment. The minimum monthly payment is the amount that must be paid to keep the debt in good standing. If your are going to repay your debts and become debt free, your monthly budget must provide for payment of at least the minimum monthly payment. (If only paying the minimum payment the debt may not be repaid for up to eight years or never if only interest is paid.)

If your monthly bill budget indicates that you are unable to meet the minimum payments (without using the credit again - the old "Robbing from Peter to pay Paul" scenario) then more drastic action is necessary. You may wish to consider calling us.

For further information or to get assistance contact us by phone at 403 266-6665, email or come in for a free consultation.