Even the best plans can go astray, and if you have a budget that has been working there may come a time when you “fall off the wagon”. Perhaps you needed to help bail out a friend or family member from a bad investment, or have received a traffic ticket or increase in homeowner’s insurance. Whatever event has come up that has caused your budget to go out of whack, you can take comfort in knowing there are things you can do to get back on track. One solution is to consolidate debt, or to file bankruptcy. Still yet you may be able to avoid overspending altogether with a little planning.
Ten tips to avoid how to overspend, so you can stay on track and on budget, include:
- Plan your expenses, and then stick to your plan. Before you go shopping, even for necessities, make a list of what is needed. Clip coupons for items on your list and do not deviate from your plan.
- Plan how much you will pay for an item, and make sure the expense is in line with your budget. If you cannot find what you need at the price point you are comfortable paying, wait. Many times you can find the same thing a week or two later on sale.
- Shop around for the best price. This goes for everything from groceries, to clothes, to loan rates.
- Avoid using credit when possible.
- Put a portion of your paycheck in savings every month.
- Do not make purchases when you are in an emotionally charged state, whether that state is one of happiness or depression. Severe mood swings can alter your ability to make rational choices about expenses.
- Do not shop out of boredom. Find another activity to fill your time, and you will probably forget all about a purchase you wanted to make.
- Buy only what you need
- Find ways to fill your time with people and experiences rather than with things. You might be surprised how much fun you and your friends have taking on a DIY project instead of going out to the movies or dinner, you will save money and make memories all at the same time.
- Ask for discounts when buying items, especially if the items is a floor model, slightly irregular, or the last one in stock.
If you are in financial trouble, call us for help. We will look at your circumstances and offer solutions. Sometimes the best answer may be bankruptcy, and other times it might be to negotiate with your lenders for more favorable terms.
For more information about bankruptcy and debt management, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.