Should you be spending like before, with no sense of consequence, after you have filed for bankruptcy shelter? You should never ever put yourself in such a big financial abyss that you will have to reconsider filing for bankruptcy again. You must wonder if there is anything you can do to avoid going into huge amount of debt again?
Make A Budget And Follow It Religiously
This is easier said than done. People do not use a budget for many reasons. There are some people who simply do not know what should be recorded in budget. There are also other people who believes that a budget cannot possibly help them control their finances. What does it mean to do a budget? Part of the budget is to record every single expense that you have incurred. Once you see a few months of expenses recorded, you can categorize these expenses into major categories in your budget. For example the line item for utilities expense can include water bill, garbage collection bill.
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Once you have recorded all your expenses in the budget, you will be able to see visually what specific expenses you are incurring. Once you know that, you will also know how much money you will be taking home each month, you will be able to tell if you have any surplus or if you are in the deficit. Ideally you will want your expenses to be much less than the money you are making monthly. If you find that your expenses exceed your income, you need to find ways to cut back on the expenses. If you can reduce your expenses, you can reduce the risk of having to file for bankruptcy again.
Save Money Creatively
It is possible to cut some of the monthly expenses if you know what you are spending on. 2 common expenses that many people look to reduce in their budget include food and entertainment.
Be Frugal About Food Expenses
Undoubtedly you have to buy groceries to feed yourself. You can save money without having to starve yourself. An example of saving money in food is to buy the generic or store brand food product instead of the national brand. You can buy Tylenol Cold for $8 a bottle, but a store brand cold remedy can cost you less than $7. If you can save this $1 all the time, it will add up to a significant amount in a short period of time. If you want to stay out of debt, this is a good way to save money and avoid any chance of having to file for bankruptcy again.
Cut Your Expenses On Entertainment
If you are a patron of the movie theaters for that latest action movie or comedy, avoid paying the full price for that movie showing. If you can wait until the movie comes out on DVD, then you can save that ever rising cost of the movie admission. But if you must see that latest blockbuster, then go to the matinee showing which is generally $2-$3 cheaper. If you want something to munch on during the movie, bring your own food, as the food from the concession stand is always more expensive. If you can cut back on the expenses, and save all the time, then you can avoid any chance of needing to file for bankruptcy in the future.
Go On A Cash Diet
Instead of incurring debt through the use of credit cards and store cards, use only cash that you have to buy whatever expenses you need. You will never "overspent" if you are only using cash for all purchases, and this also mean that you will never accumulate debt again. Many people ended up filing for bankruptcy because they managed to rack up enormous amount of debt on their credit cards. If you are looking for financial stability, only spend what you have, and not spend any money using credit.
It is almost like an "art" to find ways to save money. Remember the old saying "a penny saved is a penny earned". It is easy to lose track of your finances and then find yourself requiring to file for bankruptcy protection. Learn from your previous experience and start your life anew and do not accumulate too much debt in the future so that you can avoid filing bankruptcy again in the future.
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