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At some point or another, for whatever reason, many of us will find ourselves in a bad financial situation.  As our financial situation deteriorates, the bills pile up. How to get out of this predicament? First, it is important to remember that late payments result in unnecessary additional costs and fees. This begs the question: how can I avoid making late payments?
Step one is to create a budget or revise your existing one. It’s time to significantly reduce all unnecessary expenses. For example, rather than grabbing a take-out coffee every morning, instead, opt for a coffee that is freshly brewed in the comfort of your own home before leaving for work. The same goes for lunches; in place of dining out every day, brown bag it and enjoy a home-cooked meal instead. 
Also, you’ll want to identify the items that caused your bill payments to be late, so that you can effectively reshuffle your budget. Once you’ve established your new budgeting plan, cut out all unnecessary expenses, and begun to think long-term, you’ll need to carefully assess your financial situation and begin moving forward with a new outlook. 
Have you found that your budget is tighter than it used to be, but you are still able to make all your payments? Your vigilance and quick action have probably saved you from many financial nightmares. Make sure that you stick to your new budget! For those who are unable to make all payments but know for certain that this precarious financial situation is only temporary, we recommend not delaying any longer and instead try to negotiate a temporary agreement with your creditors. This might save you from wasting money on late payment charges & interest, thereby preventing the impact of negative reports on your valuable credit rating. 
If you are no longer able to make all of your payments, and you suspect that you will remain in this situation for quite a while, perhaps indefinitely, it is time to seek professional help. A professional can help you to consolidate your debts, giving you a smaller, more manageable monthly payment. 
Are you having doubts about your ability to stay within your budget? Here are a few tips to help you to stay on track:
Use payment cards with a weekly cap
Set reminders to help you to remember to make a payment
Schedule your bill payments in advance with your financial institution
Investigate tools offered by your financial institution designed to help you save, invest or borrow
Finally, the ability to recognize that you are in a difficult situation early, as well as establishing an effective plan of action is essential to regaining control of your financial situation. Your financial help depends on your ability to budget. Create it objectively, and above all, respect it!

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