The time is always right to set a financial intention, but some times of year are especially great moments to reflect and lay the foundation for a fresh start. Spring is one of them. It is truly a season of renewal and new beginnings. And now, with the cherries and daffodils in bloom, and the tulips above ground, I invite you to do a spring cleaning of your finances. Just as we clear our gardens—weeding and pruning before we plant for the upcoming year—we have to do some financial pruning, too, and change the habits that aren’t serving us.
1. Plan for the future.
I believe that your goals should shape how you approach your finances. They should also be the start of your spring clean. Whether you’re starting to save or thinking about how to resolve long-term debt, it helps to have a clear picture of where you want to go.
If you’re struggling with serious debt, you may feel that there is no hope. Your goals may feel so far from reach. But there is hope. Above all, bankruptcy is a tool that can help you attain those goals. It is a way to plant the seeds for a flourishing future.
2. Set a budget.
Once you have your goals set for the future, a thorough cleaning involves taking stock of where you are currently. A budget is a bridge between where you are and where you want to go. It allows you to control what you spend, plan for the future, limit wasteful spending, and lower your debt.
Sometimes, if you’ve never budgeted before, it’s overwhelming to create one. Here are simple steps:
- Know how much money you have coming in.
- Make a list of your monthly expenses.
- Develop two lists: one for essentials and one for extras.
- Subtract essentials from your overall income.
- Create realistic targets.
3. If budgeting isn’t enough, consider bankruptcy.
If taking a close look at your monthly income and expenses leaves you feeling overwhelmed, it may be time to think about a lasting solution. If you cannot manage your debt, we can help. You have several options, a Chapter 7 and a Chapter 13. We can walk you through the best options for you, based on your specific situation and needs. We also have a free program for clients, 7 Steps to a 720, to rebuild your credit to an A rating in a year.
Just give us a call today at (901) 327-2100.