Whether you are just recovering from debt issues or bankruptcy, or are a young person beginning to forge your way in the world, financial management often seems to be the key to life. When your finances are in order, you will probably find you have a much easier time doing what you want when you want. Lenders and creditors are happy with you, and hopefully, your credit score is just where you need it to be—or getting there.
Here Are a Few Tips for Building a Solid Financial Foundation:
- Set goals for how much you would like to save each month, as well as setting aside a small amount of disposable cash so that you aren’t just all about hard work and no play. Offer yourself little incentives for being disciplined and saving—even it is just a DVD rental or a nice lunch out with friends at designated times, whether you feel comfortable with once a week or once or month.
- Don’t let debt get the best of you. Avoid the temptation to add one more monthly payment or expense to your budget. ‘Nickel and diming’ will add up quickly, and once you begin adding to your budget, it can be surprisingly hard to whittle it back down. If debts are already a major concern, contact a law firm like Fitzgerald & Campbell, APLC so that an experienced attorney can review your case and help you begin to turn your debt problem around, whether with a debt settlement program or exploring bankruptcy as a last resort.
- Get educated about your money—and investing. If you are interested in learning about stocks or new investments, there are many avenues for beginning, intermediate, and advanced investors to learn more. You may want to open an account where you can trade on your own at a discounted rate, as well as getting great advice from that company.
- Contribute to your retirement plan, and do not see that as a savings account that can be used! If you move to a new job, make sure to roll over the funds, and keep on saving. You will thank yourself years down the road.
- No matter your age, be careful about taking on new or additional student loans (or any loans, for that matter). If you are just attending or going back to college or graduate school, be vigilant about exhausting all grants and scholarships before considering loans that must be paid back. After that, use federal loans if possible—and avoid private loans at all cost.
- See what is working for your friends, and create your own fun programs for savings—perhaps even a small competition where you see who can save the most in a realistic amount of time, such as three to six months—and then keep it going.
If you currently have credit card debt that is of concern or if your finances need an overhaul, an experienced attorney from Fitzgerald & Campbell, APLC can review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include bankruptcy and other debt management processes.