Tudor is the chief executive of La Boheme, a French and Japanese upscale restaurant on Santa Monica Boulevard that relied on an expanded outdoor seating area to survive the COVID-19 lockdowns, when many other businesses were forced to close.īut the challenge brought by the pandemic, he said, doesn’t compare to his current financial headaches. If we go out of business, that means workers will lose their jobs too.” “They don’t make any sense for small businesses who were never consulted. “These pay increases are about superficiality and about opportunistic politicians who are just trying to make a name for themselves,” said West Hollywood restaurateur Lucian Tudor, a Romanian immigrant. Still, many small-business owners in West Hollywood are speaking out against the higher wage, saying they are reaching a breaking point and need relief to avoid closing. If you choose to use this option, make sure you allow ample time for this to happen so the creditor doesn’t charge you late fees.The increase comes at a time of rising rent, gas prices and inflation.Įmployers facing financial hardships can apply for a one-year delay via a waiver with the city. While this keeps your information more secure and centralized, there may be a long transit time from when your bank initiates the payment and when the creditor finally receives it and records it. In this scenario, you would give your bank the information for each creditor, including your account number with them, the amount to be paid, etc. The downside though is that your banking information will be spread out across multiple websites, making it more likely that your info could be compromised during a data breach.Īnother way to pay your bills automatically each month is to set up an automatic bill pay schedule through your bank. As long as there’s funds on your account, if there’s an issue with the payment, the creditor will be more likely to waive any fees. In this scenario, you would log into each creditor’s site and set up the payment.Ī benefit of setting up the payments this way is that once it’s set up, the responsibility to withdraw the funds lies more on the creditor than on you. Nowadays, most companies will allow you to set up recurring payments from your bank account or debit/credit card. Personally, I like to set up automatic payments with each creditor directly. You may want to spread out whatever money you do have left over among all your creditors so they each get paid at least in part each month. If you don’t have enough money left to pay all your creditors, notify them and try to make payment arrangements. It’s easy to postpone health-related procedures in an effort to save money, but I can tell you from personal experience that this will almost always cost you a LOT more money down the road (I once postponed getting a tooth sealed and then had to get a root canal, regretting everything!).Īfter you have covered the basics, you should move on to paying all your other debts, including credit cards and student loans. You should also prioritize food and health related expenses. You don’t want to lose your job because of lack of reliable transportation! If you absolutely need a car to travel to and from work, and there’s really no other option, then you should also prioritize paying any bills related to your car, such as the car loan and insurance. This would be anything related to housing such as rent or mortgage payments, utilities, association dues, etc. When you’re organizing your bills, make sure you always give priority to the bills that will affect your health and safety first.
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