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The easiest ways to save money after bankruptcy

| December 12, 2018

Life after a bankruptcy can be a tough. Sure, the knowledge that your debts have been wiped out is good, but sometimes there is a sense of failure. There is also the fear that you have not learned the lessons that got you deep into debt in the first place and that it might happen again. Below are seven best practices to save money after a bankruptcy.

1. Keep track of your spending. Most people do not know where their money ends up at the end of the month. Small purchases here and there add up. A trip to Starbucks everyday where you spend $6 can add up to $120 a month. So, track every purchase you make so you can determine where your money is going. You may decide to cut back on spending once you realize how much you are actually spending on a certain product or service. Also, once you see the total number that you are spending on a certain product or service, you may have a change of heart on whether it is that important.

2. Create a budget. Once you have tracked where your money goes, you can set limits on what amount to spend. Creating a budget and sticking to it will allow you to end up in the black at the end of each month. You can set spending limits that will save you money. It will help you take control of your spending and promote good spending habits.

3. Use the cash/envelope trick. This trick is where you create envelopes for each category of your spending needs and put cash into the envelope up to your budgeted amount. You only spend what is in the envelope and no more. This will eliminate you using your debit/credit cards and possibly going over budget.

4. Create an emergency fund. Establishing an emergency fund will protect you from unforeseen circumstances that could set you back financially. A majority of bankruptcies are caused by people suffering from medical conditions and not being able to pay their medical bills. Having an emergency fund allows you to not have to rely upon credit cards when something happens.

5. Stop wasteful spending. Truly think about what you are spending your money on and decide if it is really that important. Do you really need it? Is that trip to the fast food joint for lunch every day more important than financial stability and freedom.

6. Negotiate. Everything is negotiable. Contact your various service providers and see if you can negotiate your bills down. Often, cell phone companies and cable companies will lower your bill if you tell them you are moving to a competitor.

7. Needs and wants. Understanding the difference between needs and wants is key in getting control of your financial life. Setting priorities and having an honest discussion about what is important in your life and what is not important is the first step in setting yourself up for financial success.

The team at Morgan & Morgan is there to help you through your financial issues. We are here to answer any bankruptcy questions you may have. You can contact us at (706) 752-7089.

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