This post was written to promote a California bankruptcy law firm.
Bankruptcy seems to be a common topic these days. I recall hearing a friend comment once on how bankruptcy used to be an embarrassing issue, and yet now people discuss filing for bankruptcy like it's no big deal. Well, maybe I'm old-fashioned, but I still believe that many times, bankruptcy can be avoided, and should be avoided if at all possible. So, when asked what the best ways are to avoid bankruptcy, I am glad to share my humble opinion. Obviously I don't claim to be an expert at all, this is just something that my parents taught me, and I believe it is very good advice.
Probably the biggest step in avoiding bankruptcy is to write out a budget. Determine how much you could/should be spending on groceries, medical, and other bills. Look at the amount you make, and set a reasonable budget. Obviously the hardest part is in sticking with the budget, but it can-and should-be done!
Another thing I learned when I was pretty young, and still follow to this day, is to keep track of each expense. Whether it's a new electronic or just a soda at the gas station, write down each and every purchase. This will not only help you stay within budget, but it also makes you realize how much money we waste on the "little things"! After a couple weeks of this, you'll be more likely to wait for a snack till you get home, or decide you really don't need that candy bar after all!
These are both very simple steps, but they have held true for me, and I don't plan on ever changing this path. Please share any ideas or ways in which you avoid bankruptcy, I'd love to hear from my readers on this subject!
I am participating in a blogger campaign by Bucks2Blog and was compensated. However, the views and opinions are my own.