In this day and age when countries are claiming bankruptcy and they are defaulting on their loans in recession, it is no surprise that there are thousands of people in money troubles as well.
For some people, their troubles are not their fault. It might have been that their own back went bankrupt and they have lost all of their savings. This is not their fault.
However, for other people, they might have been keeping an eye on their finances and one thing led to another and their debts just ballooned. This is because they might have missed a payment here are there and then all of a sudden they had charges to pay and the banks were putting more interest on their payments. Before they knew it, their wages did not even cover the minimum payment, let alone leaving them something to live off.
This could happen to anyone and filing for bankruptcy should not be looked down upon. If you have to apply for bankruptcy, you should be proud of yourself for doing something about your debts and not just burying your head in the sand, in the hope that the debts will all just go away.
Filing for bankruptcy means that 100% of your debts will be taken care of and you won't hear from pushy creditors anymore. A lot of people know what it is like to receive debt letters and to have to avoid phone calls from creditors threatening to send the bailiffs around to collect the debt.
If you are thinking of filing for bankruptcy, but want to make some changes to your life to make sure that you can save money, and possibly pay a little more towards your debts, then read on for more information.
The very first thing that you should do is to look at your current spending and to make a budget for yourself. See where you are spending the most money and look into ways of reducing those costs.
A lot of people will spend the most money on their car payments. Therefore, you should go back to the dealer to see if you can swap the car for something cheaper. If you live in a city and you can use public transport to get around, then you should consider just giving the car back, or selling it back to the dealer.
Some people think that public transport is a lot more expensive, but there are options for saving money. Monthly, or even yearly tickets will save a lot when buying a ticket for public transport.
If you don't want to use public transport, then you should consider getting a bike instead. They are fairly inexpensive and they are good for your health. It will take you a bit longer to get around, but this is a lot better than paying monthly payments for a car or a bus ticket.
Another element where people spend a lot of money is on their groceries. This is shocking because there is plenty of cost saving measures in place to save people money on food.
First of all, you should try and buy the store brand, instead of paying out for well-known brands. This is because store brands are cheaper. You should also use the food that you have, before you buy more. You should not be buying groceries if you have plenty of food in the house. This is just a waste of money that could be used towards other things.