Money problems are the number one cause of stress in marriages, and can cause you to become distracted in your personal life. When you worry about your finances, you may not perform well at work, which might lead to further problems if you are let go from your job for unsatisfactory performance. Financial stress can also cause health problems and contribute to your overall emotional well-being. Bankruptcy is a helpful tool, but there are also some things you can do to get your budget in shape and avoid bankruptcy. These tips also come in handy after you have filed bankruptcy and will give you a fresh financial start.
Smart budgeting will go a long way to get you back on the road to financial recovery, and the following list are some things you can do even if your budget is tight:
- Keep track of all your purchases, even the small ones like that morning cup of coffee.
- Shop around to find the best rate for expenses that are necessary, like car and home insurance.
- Avoid high interest rate loans when possible, and use credit only in an emergency.
- Pay your interest bearing credit in full to avoid accumulation of large amounts of interest.
You should also take advantage of every free penny available to you. For instance, if your employer offers a retirement plan and makes a contribution, be sure you maximize the amount you are putting in so that you can receive the maximum match from your company. It is also helpful to make a budget and stick to it! Write down your monthly expenses and income, and then look for areas where you can cut back. If you are able to save here and there, an emergency fund can be built up faster than you might think. When the burden of your finances and debt feel out of control though, seek the help of a professional. We can help get you back on track, and when needed file bankruptcy for you to get you a fresh financial start.
If you have questions about bankruptcy and budgets, call our office for answers. We have experience helping people with their finances and are here to help you too. Call a Bloomington, Minnesota bankruptcy attorney and schedule an appointment today.