If you find yourself in financial trouble, just take a look in your wallet. You will most likely find no cash at all; instead, most people’s wallets are filled with reloadable store cards, debit cards and credit cards. Our financial information is even stored on our smartphones, which are used to make purchases. Technology makes purchasing items incredibly easy, but tracking those purchases is not so easy. If you are not consciously keeping track of your spending, you will quickly find yourself spending more than you earn.
In the past, when people paid for everything in cash, we knew exactly what we were spending and sticking to a budget was much easier. Impulse buying was not nearly as prevalent, because if you didn’t have the cash, you just did without. But with all of our virtual spending today, more people are finding themselves in financial trouble without even knowing how they got there.
Once you are in a hole, it can be incredibly hard to dig out. But you can do it! It may be old-fashioned, but try using cash for as many of your daily purchases as you can. Small steps, such as paying for your morning coffee and muffin with cash instead of a credit card, will help you regain control of your budget. Or set up envelopes – one for rent, one for groceries, another for entertainment, etc. and set aside money each month in each category. But be careful! Once your entertainment money is gone for the month, don’t take from other envelopes. That would defeat the purpose of budgeting.
If you are already in financial trouble and are having trouble finding a way out, the attorneys and staff at Mountain View Law Group are here to help you! We can discuss options with you, including whether filing bankruptcy is right for you. Our attorneys have years of experience in preparing bankruptcy cases, which means that we have a high level of familiarity with the Bankruptcy Code, rules and regulations and can guide you and represent you throughout this process.
Kimberly Stevens, Attorney for Mountain View Law Group, bankruptcy lawyers in Ogden, Utah
Contact us today at 801-393-5555.