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In this day and age of countries going bankrupt and defaulting on their loans in recessions, it’s no surprise that there are thousands of people in money trouble as well.
For some people, their problems are not their fault. It could have been that their own back broke and they lost all their savings. This is not your fault.
However, for other people, they might have been keeping an eye on their finances and one thing led to another and their debts skyrocketed. This is because they might have missed a payment here or there and then all of a sudden they had fees to pay and the banks were putting more interest on their payments. Before they knew it, their salaries didn’t even cover minimum pay, let alone leave them something to live on.
This could happen to anyone and filing for bankruptcy is not to be looked down upon. If he has to file for bankruptcy, he should be proud of himself for doing something about his debts and not just burying his head in the sand, hoping all the debts will go away.
Filing bankruptcy means that 100% of your debts will be discharged and you will hear no more from aggressive creditors. Many people know what it’s like to receive letters of debt and have to avoid phone calls from creditors threatening to send in bailiffs to collect the debt.
If you’re thinking about filing for bankruptcy, but want to make some changes in your life to ensure that you can save money and possibly pay off a little more on your debt, read on for more information.
Budget
The first thing to do is look at your current expenses and make a budget for yourself. See where you’re spending the most money and look for ways to reduce those costs.
Many people will spend the most money on their car payments. So you need to go back to the dealer to see if you can trade the car in for something cheaper. If you live in a city and can use public transportation to get around, then you should consider returning the car or selling it to the dealer.
Some people think that public transport is much more expensive, but there are options to save money. Monthly or even yearly tickets will save a lot when buying a public transport ticket.
If you don’t want to use public transportation, you should consider buying a bicycle. They are quite cheap and are good for health. It will take you a little longer to get around, but this is much better than paying monthly car payments or a bus ticket.
Groceries
Another item that people spend a lot of money on is shopping. This is shocking because there are so many cost-saving measures out there to save people money on food.
You should try and buy the store brand first, instead of paying for name brands. This is because the store brands are cheaper. You should also use the food you have, before buying more. You shouldn’t buy groceries if you have a lot of food in the house. This is just a waste of money that could be used for other things.