So many people are filing for bankruptcy these days. While you may think it will never happen to you, finances can change quickly and you're always at risk. These 4 simple steps should help in protecting you and your family from bankruptcy.
*If you or someone you know is considering filing for bankruptcy, please contact Borowitz and Clark, leading lawyers dealing with bankruptcy Los Angeles.
1. Set a budget and stick to it!
It's easy to spend your money when you don't know how much you actually need to pay the bills! Sit down, get out a piece of paper and figure out your monthly income. Subtract all of your necessary expenses (rent, insurance, transportation, etc.). If you have money left, consider putting it into savings. If you decide against this, you can use it for spending money (go to dinner, buy a new shirt, etc.)
If you're total after necessary expenses is a negative number, it's time to either take on some more work or downsize (smaller house, smaller car).
With a budget, you know how much money comes in and how much goes out so it's easier to keep your finances in order.
2. Cut back on "fun stuff"
Let me rephrase - Cut back on costly fun stuff. It's no secret that you can go without a $500 designer handbag or a new video game. The money you spend on these things could be paying the bills or going into an emergency fund (for the unexpected things in life!).
It's not hard to find fun, cheap (or free) alternatives, which brings me to my next step...
3. Get more for free!
I could name 100s of things you can do for no money at all. Whether it's going for a walk around town, hanging out at the park or just taking some time to read a book at the library, it's free!
Depending on where you're located, you should be able to find free things such as classes, clubs, musicals and more. To find these, try your local library or type up a quick search for "free things to do in *your town*. In my town, I've been to free concerts, free classes and even free movie screenings!
4. Don't be afraid to ask for help
It's not the easiest thing to stay financially stable and it's even harder when you're already running low! If things are getting to hard, ask for help! You'd be surprised how many people are willing to help those in need. You can try asking for help from a family member or a friend and more than likely, they'll come to your aid. Also, many towns have organizations who work to provide things like food and clothing for those who can't afford them. If you need help with these things, find one of these organizations (may be a church or a school).
The most important thing to remember: When you get back on track, return the favor!
These tips may not help everyone and for some, they may come just a little too late. If you need to file for bankruptcy, make sure you find a quality bankruptcy attorney who can help you through the process.
I am participating in a blogger campaign by Bucks2Blog and was
compensated. However, the views and opinions are my own.
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