Budgeting and Your Finances

A person may find himself or herself in a dire financial situation for reasons beyond his or her control. But it is frequently the case that taking more active control of one’s finances can help to avert disaster and to regain a handle on what may appear to be unmanageable debts. One of the most basic and potentially helpful steps is crafting an accurate and honest budget that takes into account the full range of your income and responsibilities.

If you are worried that you have run out of options to improve your financial situation and are overwhelmed by your current debts, then it may be time to consider filing for bankruptcy protection. Though bankruptcy is not the right solution for every situation, it may be right for yours, and an attorney can help you to make the right decision. Contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000.

Important Budget Considerations

The following are some useful budget tips:

  • Review your account history for several previous months to get a clear picture of where you are spending your money and how much is spent on each area.

  • Adhere to any discretionary spending limits that you establish for yourself.

  • For accounts where the payment amount will fluctuate, such as utility bills, use a high estimate when calculating your budget.

  • When attempting to eliminate debts, doing without luxuries and entertainment can be a small price to pay.

 

The chief benefit of a home budget plan is that it can force you to pay more attention to the money that you are spending. Oftentimes, considering smaller purchases or payments separately can cause you to underestimate the actual amount of your cash outflow, leaving you surprised when you are unable to make an important payment or when a check is refused by the bank.

 

Contact Us

Let us help you to move forward. Contact the Birmingham bankruptcy lawyers of Greenway Law, L.L.C., at (205) 324-4000 to schedule a free initial consultation.

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