In one of our previous posts, we talked about how millennials are facing financial woes and how bankruptcy can be an option for a better financial future. We addressed uncontrollable factors such as student loan debt and a competitive job market that contributes to large debt at a young age.
There are also some controllable factors or practices that contribute to the overwhelming debt situation many millennials face. Nowadays, it seems that earning a good living is not enough…or is it?
Anyone facing financial hardship, not just millennials, would benefit from being aware of some common financial mistakes that seem to have plagued a generation.
Pay Attention to Your Expenses – Not keeping track of what you are spending outside of your basic needs can really put pressure on your finances at the end of the month. Food, dwelling, car, gas and utilities come first. If you are not paying attention the “extras” it can really add up and distort your finances. Try writing everything down so you are aware and can have better control of your money.
Make Sure to Save, Even if its Small – Not saving on a regular basis can lead to trouble and jeopardize your financial future. Its wise to have some money on the side for emergencies. Any small amount saved on a regular basis adds up. It is an important practice, to say the least.
Avoid or Try Not to Use Credit Cards – Credit cards provide you with a false sense of spending unless you have the money to pay them at the end of the month. They can be tempting, and we often find ourselves spending more than we should. Try not to use them, or at least limit use to just one card on an as needed basis.
Pay More Than the Minimum Balance on Your Credit Cards – If you must use a credit card and you are guilty of just paying the minimum balance, it will take many years and extra money to pay off the balance! If you can’t pay it in full, be sure to pay more than the minimum, at the very least.
If you are in debt and feel like you have lost control of your finances, personal bankruptcy might be the answer for you. The bankruptcy attorneys at Hines Law, representing clients throughout Massachusetts have extensive knowledge and experience. We handle all types of personal debt relief matters and are committed to safeguarding your interests and future. Call us today for a Free consult!