When the clock struck 12:01 a.m. on January 1, 2017 people across the United States stood back, took stock of the past year and set their resolutions for the New Year. Some resolved to lose weight, others to quit bad habits like smoking and others still resolved to spend more time with family or travel more. A few resolved to get organized financially by spending less and saving more. If you, like many others, have been struggling with debt this past year (or years), then maybe it is time to resolve to improve your financial situation and make 2017 the year that you “start fresh” and debt-free.
2017 does not need to be yet another year filled with trying to, and not quite managing to, control your crushing debt. Below are some tips to help you begin the journey towards achieving your resolution:
Minimize (or eliminate) Credit Card Use: For most people, credit card debt is the largest source of their debt. This debt, usually, continues to grow because people continue to use the credit cards even though making the payments on them has become difficult. If you are going to the grocery store or the mall, consider listing your desired purchases, setting a budget and taking with you only the exact amount of cash (gift cards and/or debt card) needed to purchase those specific items. Leave the credit cards at home. This will ensure that you do not continue to run-up the credit cards, help you purchase only those items you actually need and rein-in the amounts you spend.
Create (and Stick to!) a Budget: Creating a budget and sticking to it is the most important step towards achieving a “fresh start” financially. Sit down, consider your monthly expenses; identify those expenses which are necessary, i.e., rent, electricity, water, food etc., and those that are “extra,” i.e., cable, cell phone and entertainment or “unnecessary,” i.e., birch box, cleaning services or other luxury items. Identifying the items that are not essential will help you dedicate your funds to the appropriate expenses and reduce or eliminate the funds that are dedicated to “extra” or “unnecessary” expenses. Remember, that it is very likely that a majority of these “extra” or “unnecessary” expenses or items contributed to your debt. Once you have established your budget be sure to stick to it.
Contact a Bankruptcy Attorney: For most people, taking the first steps towards improving their financial situation can be overwhelming. Meeting with an experienced bankruptcy attorney can be an invaluable tool in this situation. Contact Freire & Gonzalez, P.A., at 305-826-1774 to meet with one of our experienced attorneys, for free, to discuss your individual financial situation, the benefits of bankruptcy and your individualized bankruptcy options.
If you have resolved to take back your finances, we at Freire & Gonzalez, P.A., are here to help you achieve your resolution of living “debt-free” in 2017. Contact Freire & Gonzalez, P.A., at 305-826-1774 to schedule your free consultation with one of our attorneys at our Hialeah, Miami or Ft. Myers offices.