If you are facing bankruptcy in Ohio and trying to make ends meet, creating a plan for moving forward is essential. Part of this plan involves figuring out your financial goals and saving money. Even with limited funds, many people feel the need to save money for emergencies or future plans. Here are some things to consider when building a savings.
To File Or Not To File
Deciding to file for Chapter 7 or Chapter 13 is a big decision that you will likely want to consult a Troy, Ohio bankruptcy attorney for. If you don’t file, you will need a plan for paying off debts while still affording living expenses and building a fund for emergencies and the future. If you do file, you typically can keep the income you earn after filing for bankruptcy. This means you can focus on budgeting and saving.
Find Unnecessary Expenses
When you have a tight budget, developing a clearer financial picture can help you figure out where you can cut costs. The first step is to write down expenses and categorize them according to needs and wants. Try to cover all expenses by looking at checks, credit cards, bank statements and even cash spending. Rank the unnecessary items from most to least important. If you have a partner, rank each item from one to three then compare lists. Expenses that are ones for either or both parties should be left alone. The expenses that are of less value to a person or couple could be given up or even changed if there is a less expensive option. The money that was spent on these items could now be saved.
Look for the second half of this blog to learn more about saving money, and contact us today for more information about bankruptcy.