The new year is always a time for self-assessment and self-improvement, and if your financial situation has led you either to file for bankruptcy or to consider doing so, then making resolutions regarding your money management will be an essential step as you enter 2021. Whether you end up filing for bankruptcy or simply want to improve your saving skills and become more regimented about paying off your debt, here are some tips to consider.

• Budgeting is often the key to getting your finances under control. Whether you’re trying to avoid filing for bankruptcy or trying to recover from just having filed, there are plenty of budgeting tools available. At its most basic, budgeting is understanding the amount of money that you have coming in and going out, and it requires diligence and practice. Research several tools and choose the one that is easiest for you to use, because that’s the one that you’re most likely to stick to.
• Think about picking up a part-time job. Even though you may think of yourself as too mature or too accomplished to work as a cashier or a delivery driver or too busy to apply your skills to a consulting job, doing so can put the extra money in your pocket that will make a real difference.
• Review your subscriptions. In the last few years, the technology that has made our lives so much easier has allowed invisible expenses to creep into our lives. As easy as it is to opt into a meditation app, a cable subscription, an online newspaper subscription or a podcast or streaming music service, these things all add up. Take a look at what you’re paying every month with an eye to whether they are necessary or not, and you will probably find a lot of extra money that you can put into paying down your debt.
• Consider what you’re spending on fitness or food. Are you a gym member? What do you pay monthly or annually? Can you access the same equipment at a gym with fewer amenities? Are you eating out or spending $4 a day on a cup of coffee that you could brew for yourself at home for far less? Every little bit that you can save can be put to better use, whether to pay down debt or to put into savings.

If you are struggling financially and believe that bankruptcy might give you the fresh start you need, we are here to help. Contact us today to set up a time for us to discuss your options.