Writing on Quora, a middle-aged man recalled his days as a poor, young single man in a city.
"I learned a lot of things by being poor," he wrote. "One was the rent has priority. You can find a quarter for Ramen noodles but if you don't have a roof over your head, you will be crunching them in the snow and rain."
Good advice for single people, but families with mouths to feed have different priorities when money is tight.
Money experts all list the top priority as the one you might expect: Food. You can eat cheaper than when money is flush. Cook at home. Shop for staples. Buy cookie mix for the kids, not the actual cookies.
Next on most lists: Housing.
Housing is not optional. Mortgages are often cheaper than apartment rentals. In an apartment, if you can possibly do it, pay your rent even if your state says you don't have to pay during the covid-19 crisis. The problem is rent adds up and catching up is very difficult. Work out an arrangement with the property owner if you can.
Third on the list, utilities. You can often get away with being 30 days late if you regularly pay on time. But you want utilities.
Car payments and insurance: If these are a must to get to work, then do everything you can to keep up payments. As with rent, even if you can skip a car payment, it is hard to catch up. Check with your lender.
Last: Credit cards and student loans. Even if your credit score suffers, it might be worth the hit in an emergency. If you can, pay the minimum.
Medical insurance: If your health relies on prescriptions, for example, medical insurance has to be at the top of the list with food. Before you drop any insurance payments, always consider the consequences. Call your agent.
