Everyone has had that time when they struggle to foot their bills and other monthly expenses. When you are used to a certain lifestyle, job loss or business failure can be a major setback. Badly enough, having a family that depends on your income to get by can be extremely depressing, but proper financial planning can go a long way to getting you through a tough time. While a financial struggle can be frustrating, there are some things that are hard to ignore and need to be prioritized to avoid even bigger problems in the future. Below are some of the things you need to pay for even when you are financially struggling. 

Basic Necessities

This goes without saying, as it is impossible to do without every day basic needs. But still, a lot of people commit small mistakes that might end up depriving them of these basic needs. For instance, if you have kids then you are faced with a bigger responsibility, considering that you will need to pay for their tuition fees and other school expenses. The best thing is to insure their education, such that it reduces the financial burden you might have during the hard times. 

Also, it only makes sense to cook from home whenever you are financially struggling. Eating out can be quite expensive and this does not help you save. When you cook your own food, you have more control over what you eat and how much you spend on the food. Substitute money spent on other leisure activities like the occasional drinks you have with your work colleagues after work on Fridays for food. 

Health Insurance

Your health, as well as that of your loved ones, is paramount. If you have taken out health insurance, then it shouldn’t be one of those bills you default when your income source takes a nosedive. Healthcare is expensive, but if your health insurance is active then you don’t have to worry about digging deep into your pockets in the future. 

Also remember that defaulting health insurance might attract fines and penalties, and you also risk completely losing your cover. And this is the last thing you want because you might end up starting with the process all over again in the future.  


Owning a home is great, but that feeling can quickly vanish when you find yourself struggling financially and you are probably surviving on your savings or your partner’s income. Mortgage payments are compulsory unless you want to lose your house to the bank. In other cases mortgage default might attract hefty fees, an increased tax bill, credit cost, or being sued. So, it is important to keep all mortgage payments up to date. The last thing you want is to lose your house after working so hard to buy it. 

Life Insurance

Life insurance is meant to protect your assets as well as act as an income source for your loved ones when you die. Defaulting your life insurance premium payments translates to risking losing the policy. And if the policy gets terminated then it means that you risk losing the assets you are trying to protect, and your financial burden will be left behind for your loved ones when you die. 

“Many people don’t realize that those who can’t afford coverage that need it the most. IF you can’t afford a basic policy, how is your family supposed to survive any potential setback? It’s a must you have coverage in place at your hardest times.” Says life insurance professional Mack, who is the founder of InsureChance

It might be a little difficult to pay for a permanent life insurance policy and still be able to pay for all other expenses when money is tight for you. So when buying life insurance, choose a product that won’t quickly drain your finances during a difficult time. 

Bottom Line

These are necessities, and failing to pay for them can create far much worse damage than there already is. You might be struggling and finances are tight for you, but you also want to ensure that your future is protected. At some point, you might be forced to forego some expenses in order to pay for these things. If you are having a hard time planning for your finances during such a time, then consider seeking advice from an expert to guide you through. During such a time, it pays a lot to make smarter financial decisions otherwise the transition is going to be a rough one. 


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