Money Management Tips After Filing For Bankruptcy

Bankruptcy Lawyer

Financial struggles affect almost everyone, but if you are having trouble keeping track of your spending and savings, there are some helpful tips you can apply. This is especially true if you have filed for bankruptcy, as financial problems can occur despite best efforts to make responsible choices. Medical bills or an emergency repair can quickly derail your financial plans. If you are recovering after bankruptcy, keeping the following money management tips in mind can help you avoid getting into serious financial trouble again.

Review Your Credit Report

Keep an eye on your credit report regularly to watch for suspicious activity. A credit report is a summary of your financial transactions, showing information such as your loans. Knowing what’s on your credit report can give you a sense of the health of your finances. You can get free annual credit reports from the major crediting companies Equifax, Experian and TransUnion. 

Stick To Your Budget

One of the biggest mistakes that people make is not making a budget. If you struggle with spending, first identify the areas where you are having trouble with. Categorize your spending so that you can see where your money is going towards each month. Setting limits for yourself can help you cut down on lower priority purchases that can be saved for a later time.

Make Payments on Time

A good way to ensure that you can stay on top of your finances is to make payments well before they are due. Late payments can be damaging to your credit score. You can set reminders for yourself a few days or a week early so that you do not accidentally miss a payment. 

Explore Your Options 

If you have tried other strategies on your own but are not having success, you can reach out to professionals who can assist you with your financial planning. Debt issues and other major struggles you may be facing are best handled with help from an outside party. Don’t be afraid to explore all of your options and find out what resources are available to you with the help of a trusted bankruptcy lawyer like Carolyn Secor, P.A.

Staying on top of your finances after completing the bankruptcy process can be intimidating, but picking up better money management habits will take time. Developing a suitable financial plan will take time and effort, and you are not alone in your struggles. Meeting with a bankruptcy lawyer is a good first step to take if you are not where to start. Schedule an appointment now to learn more about financial services available. 

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