Bankruptcy Lawyer
If your bankruptcy was a result of debt, we offer tools and techniques to help you to avoid falling back into the same spending habits. Nonessential spending contributed to over 50 percent of recent bankruptcies, while medical problems caused just 5 percent and unemployment led to only 13 percent. Acknowledging such spending habits is the first step in making changes, and means you are making progress.
Many Floridians have enlisted the professional legal assistance of an experienced Chapter 7 bankruptcy lawyer in Tampa, FL such as Caroline Secor, P.A., for help with their bankruptcy case.
Limit non-essential spending according to you budget
It is important to limit nonessential spending according to the budgeted amount. This kind of spending is money that can be used to help us enjoy life, and doesn’t need to be eliminated completely in order to improve your finances.
Leave your cards at home and spend cash
Make purchases with cash. Spending cash is more psychologically difficult for consumers than paying with credit or debit cards. People who pay with cash tend to spend less than people who pay with credit or debit cards. Furthermore, leaving your cards at home and spending only with cash may curb impulse spending.
Prepare meals at home
Ordering takeout, uber Eats, delivery, or going out for lunch every instead of preparing your own meals at home directly contributes to financial strain. Making meals at home can be fun and more healthy than eating out every day. Cutting half of these each month will help you save money for essentials like rent, mortgage, and utilities. Cooking your own meals is a great way to exercise self reliance and eat a more healthy diet.
Wants Vs. Needs
Before you pay for something, just stop to ask yourself, is this something I just want, or is this a necessity. Based on your personal budget, ask yourself a few questions before buying something you want. Can I afford this based on my personal budget? What is the actual cost? Will I have to sacrifice future savings deposits to afford to pay for this? Will this thing contribute to my credit card debt? If any of these questions cause any second thoughts, hold off and thoroughly weigh the options.
Resist impulse purchases
Many retail stores have merchandising graphics and displays which are designed to make consumers spend money based on impulse. Through clever branding, graphics, and displays, retail stores are able to leverage human psychology as leverage for their own benefit. Do not fall for these tactics, and always remember where you stand within your budget.
Evaluate your subscriptions
Americans spend on average $315 each month for subscriptions and memberships for video, television, gyms, educational services, and other media services. Eliminating those that are not used regularly can help a person save thousands of dollars in a year, money that could be used for essential spending.
You are in control of your future. Using these tactics along with budgeting, limiting credit spending, and saving money for emergencies, essential, and nonessential purchase will reduce your financial stress and help you avoid falling back into debt.