So you filed bankruptcy and are on the road to financial recovery. You’re back on track and rebuilding your credit score. You believe that saving money is an important step towards becoming financially solvent…and you’re right. Having money available for emergencies like car repairs or medical bills is essential to a strong financial foundation.
Your Minnesota bankruptcy lawyer probably gave you some suggestions to help with your financial recovery, including control of your spending. Here’s 7 steps most people can take to do that without suffering much pain.
1. Cut entertainment expenses. This is not to say cut out entertainment altogether, just cut the price. Instead of going out to the movies, rent one and watch it on TV. Start a game night once a week for the family and play cards and board games instead of buying another expensive video game. Explore your local library for exciting options and go to free concerts in the park.
2. Reduce daily expenses. That latte on the way to work, the supersized soft drink at break, that magazine you impulsively picked up at the checkout, may seem like insignificant expenses. Add it all up, however, and you’ve spent a considerable amount. For example, if you spend $4 a day on a cappuccino, 5 days a week, it adds up to over $1,000 a year.
3. Eat out less. Yes, this is the age when everyone eats on the go and dinners at home are a rarity. This needs to change. Not only will you save money, you’ll gain quality time with your family.
4. Cut down on services. Do you really need to pay someone to paint your nails or mow your lawn? Could you learn to groom the dog yourself? Have you tried the DIY dry cleaning systems?
5. Save on groceries. Use a list when you shop and stick to it. Buy more store brands (you’ll be surprised how good many of them are), use coupons and buy in bulk when there’s a great sale. Buy a water filter and use it to fill your water bottles and you’ll see significant savings.
6. Cut utility bills. Turn the thermostat back a notch or two, use energy saving light bulbs, consider whether you need a land line and a cell phone or eliminate the premium cable channels. Little steps help you save big dollars every month.
7. Reduce impulse buys. Yes, that’s a great price on those shoes, but before you make any purchase, ask yourself “Do I need it, or do I just want it?”, then make your purchasing decision.
If you received advice from a bankruptcy lawyer and used the Minnesota chapter 7 bankruptcy law as a stepping stone to help you cross over to a new financial future, you want to protect it. Remember, you cannot file bankruptcy again for years, so take advantage of your new beginning and handle finances with care.
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