Being financially literate means that you are not living beyond your means. This can be easier said than done. Managing money is a personal skill that needs to be learned, but not everybody accomplishes this. When it is, it has benefits throughout your life time.
Living beyond your means can quickly lead to overwhelming debt. Personal bankruptcy may be an option for debt relief, however, financial literacy must follow.
After bankruptcy, handling finances should be done correctly. It should also be a priority and impact daily spending along with saving decisions. Paying bills on time as they come should is important. Depending on your income, it helps to set up a direct deposit. Then you know right where your money went and you’ll never be late to the bank. Also, setting up a combination of debit and savings accounts is a solid plan. You can also set up automatic payments for your monthly bills. Again, with this there aren’t any worries for running late or wasting money on late fees. Also, you know your financial commitments are on track.
If you have all of your money in the debit account, you might be tempted to make unnecessary purchases. Make sure to put money into your savings, even if it is minimal. Here you need to really think about needs versus wants. Sacrifice is important for staying on budget as well as saving for the long term. That savings account may be needed for unexpected emergencies. Having that money on hand prevents the expense of having to get cash advances or increasing your credit. It’s also wise to limit the amount of cash you keep in your wallet. If you don’t have it, you won’t spend it.
Mobile banking enables you to check your spending and balances right on the spot making it easier to control your finances in real time. These days you can also make mobile deposits with checks right from your phone as well as transferring money from the savings account to the debit should the need arise. When it comes to your accounts, just know the advantages such as interest on your savings. Also know if there are any disadvantages such as maintenance fees and overdraft charges. Remember to spend wisely and strive for the ability to not let money or the lack of it get in the way of happiness.
There is life after bankruptcy and it all begins with taking control and living within your means. Debt relief can help and by setting the stage for a healthy financial future.
The goal of bankruptcy is to provide debtors with a new beginning. If you are drowning in debt and overwhelmed with your finances, bankruptcy may be an option for you. The bankruptcy attorneys at Hines Law are experienced and committed to doing what is best for your situation. Our Full-Service Bankruptcy Firm handles all types of personal debt relief matters. Throughout the years, we have been privileged to serve clients in Framingham, Watertown, Westborough, Worcester, Leominster, and beyond.
Call us today for a Free consultation, we are here to help!