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How to Navigate Life After Bankruptcy by Cleo Gib
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How to Navigate Life After Bankruptcy |
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Law
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Life after bankruptcy can be a little difficult to navigate. Old habits die hard, and if you had money problems because of unhealthy financial habits, then it is time to change your life. Your bankruptcy attorneys in Mattoon will be able to give you some contact information and resources to help you on your way, but here are some other additional tips. Cut Needless Spending This seems obvious, but "needless" is a very fluid term for many people. Make a list of all your needs and all of your wants that cost you money. Then really evaluate if they belong in the "need" list or if they are more of a "want." Do you need to have cable television, or the latest trendy clothes, or even the costlier deli salsa? Wherever you can cut money going out, do it. You live cheaply now so that you never have to go through bankruptcy again. Make an Emergency Fund It is important to pay off your debts, and many times filing for bankruptcy won't get rid of all of your debt, so you will still need to have a strict budget. However, you also need to have the rainy day money. If your debts are going to be long term, you should make a small emergency fund, which is about equal to one or two paychecks, if you can, and then put absolutely everything else toward debt. Interest rates are insane and you will pay less toward your debt in the long run if you get it paid off as soon as possible. New Hobbies Just like a diet, the pounds will stay off only if you make it a lifestyle change. This means you will need to change a lot of things about yourself. If you like to shop, maybe try working out to get your endorphins. If you like to cook with expensive ingredients, try to cut back with how often you do this or cut down on waste. If you need more tips for how to handle your new life, talk to your bankruptcy attorneys in Mattoon.
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