If you are having a hard time paying all of your bills on time, it is critical to take steps to get back on track with your monthly budget. The first part of a new year is a good time to take stock of what you have and where you want to be when the calendar is down to just one page, but it is also a time of year where you may be having a hard time making ends meet as you dig out from holiday debt. One answer is to contact your lenders and try to work out payments that are more in line with your ability to pay, and another solution is to prepare to file for bankruptcy. If neither of these options meets your needs, you can also perform a first of year budget checkup and eliminate items that are not necessary.
Three expenses you can do without to free up some extra cash include:
- Your car. We understand that at first glance this seems like impossibility, but the suggestion is not to go on foot or get rid of your car altogether, but perhaps a carpool with co-workers is the answer. With gas prices hitting the lowest prices the country has seen in a long time, hitching a ride to work will help save even more at the pump.
- Your land line. To be honest it is a wonder why anyone still has a land line today. The thought at one time was that a land line was needed for a 911 emergency situation, but today’s cell phones are just as easily tracked for location as is a home phone. So if you are still hanging on to your cordless phone, take a minute and think about how much you could save by eliminating an item you likely haven’t used in years.
- High interest rate credit cards. If you carry balances on credit cards with high interest rates you end up paying much more than what you charge on the card unless you pay the balance in full every month. Make a few calls and obtain cards with lower rates you can transfer balances to, and then give up those high rate cards for good!
You can also join a warehouse club and save on groceries, or clip coupons to save at the check-out line. Other areas to consider include cable or satellite TV and eating out. Instead of paying a monthly fee for movie channels that rarely have something on worth watching, spend a few dollars once a week to rent a movie you actually want to see, and eat in while you watch. Doing these things will help you put some money aside so it is there when you need it, or so that you can pay down some of your bills. For more information on budgets and how to stay on track, call us today.
For more information about bankruptcy, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that work for you.