How To Start Your Life After Your Bankruptcy Lawyer Leaves

Jun 21
07:58

2011

Anna Woodward

Anna Woodward

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Hiring a bankruptcy lawyer and filing is easy, what comes after is much more difficult. You have to change your lifestyle and make better choices in order to ensure your financial success.

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Although a bankruptcy lawyer can help clear your debts,How To Start Your Life After Your Bankruptcy Lawyer Leaves Articles he can't stop you from falling into the same trap again. In order to secure a better financial future, you have to make some sizeable changes to how you manage your money. That means your lifestyle may have to undergo some radical changes and you will have to make sacrifices. The good news is that these changes can lead to more success in the future, if you're willing to work for it.

Downsize
Before you begin making a monthly or even weekly budget, start your new life by eliminating any unnecessary expenses. If you are making large auto payments still, try to work with the financing company to have them lowered, or replace it with a less expensive model. Better yet, if possible, eliminate personal transport altogether and use public transportation. Cancel any memberships that you don't use, such as gym, online video store, or club style grocers. Cut down on trips to the beauty salon (or stop them altogether in favor of less expensive at-home treatments). Even if you eliminate one large expense per month, that can add up to thousands in savings over a year.

Budget
Once you've made a few sacrifices, you can start to plan a budget. If you have trouble organizing your finances, ask your bankruptcy lawyer for a recommendation for a professional advisor to assist you. It may cost a little bit of money, but learning how to manage your money better will be priceless in the end. Depending on your personal needs, you may work better with a weekly, bi-weekly, or monthly schedule. People with severe trouble balancing finances often benefit from writing down their daily spending and then reviewing it weekly in order to make adjustments. Regardless of how you choose to budget, it is important to include a plan that will start putting money away in an emergency savings fund.

Increase Earnings
The easiest way to save money is to make more of it. Even an extra hundred dollars a month can have a large impact on your financial situation over time. There are many ways you can pick up extra cash in your spare time. Start by selling items you no longer need. Online auction sites or the classifieds in the newspaper are an easy and effective way to do this. Having a garage sale can also generate some cash, but you may not reach as many potential customers. Another way to increase your earnings is to get part-time work. Self-employment is a great and satisfying way to make some cash. You can choose something you enjoy, such as handiwork, tutoring, or dog walking and set your own hours.

Set Goals
Once you've established a financial routine that works for you, and you're saving some money, you can start to plan future goals. Whether it's buying a house, a dream vacation, or going back to school—these plans will set you up for continued success. Hiring a bankruptcy lawyer doesn't have to be the end of your life, but rather start the path for a better one.

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