Positive Financial Changes You Can Make
During the busy holiday season, many individuals may take time to reflect on the past year. If things went well for them in 2013, they will want to be sure that they are able to repeat their past performance in 2014. If these experienced any financial problems, they will want to take a close look at the factors that led to the issues, and make the necessary changes to avoid similar problems in the future.
However, even the most prepared individuals can experience a significant event that can place their financial security at risk.
Unplanned expenses, such as a serious illness or costly repairs to a home or motor vehicle, can quickly drain any savings that a person may have, if they even have anything set aside for this at all. In some situations, these expenses may be so great that they will require an individual to have to file for bankruptcy in order to be able to support their families.
There are steps that individuals can take to help them be more prepared for some of these challenges. First, individuals need to take a very close look at the amount of money they are making each month, as well as the expenses that they have. If expenses outweigh income, they need to make changes right away. Extra funds should be placed into a savings account, so that the individual will have something to rely upon should their situation change.
The next step is to examine in detail where their money is going. If any the expenses are non-essential, it may be necessary to make changes in order to conserve more financial resources. Extra funds could be then used to address other needs, such as high credit card balances or other expenses that these individuals may have at this time.
Finally, it is also important for these individuals to be sure that their financial plan also takes their retirement into consideration. No matter how far away retirement may seem, everyone, including younger workers, should be contributing some of their income toward their retirement accounts, especially if their employers are matching their contributions. Valuable time could be lost if the individuals wait too long to get started.
While these changes can take time and discipline, they can be effective steps toward a positive financial future. If your money problems are more severe, and you are being subject to collections actions or wage garnishment, you should speak to an experienced bankruptcy attorney in your area to understand what might be best for you.
An attorney will be able to help you create a plan that deals with your immediate financial concerns, and also allows you to be ready to begin rebuilding your finances after going through the process. This will help you be more financially successful, and can help you have a more effective way to handle these sorts of problems in the future.
At Illini Legal Services, we offer a free, no-obligation consultation to each of our clients. During your consultation, we will take the time to listen to your financial concerns and assess your case and individual situation. We have five locations to serve you. Contact us today for help!
Illini Legal Services is engaged in the private practice of law and is not a public legal aid agency. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.