After filing for bankruptcy, you may feel like your finances are in disarray, and you don’t know where to begin to start working towards a financially stable state. However, when it comes to personal finance after bankruptcy, there are simple strategies you can use right now to accomplish your financial goals. These include the following:
- Make a personal finance budget—Before devising this budget, track your expenses for a month to determine where your money is going. Then, based on this trial period, analyze which expenses are necessities and which ones can be eliminated.
- Use cash—For many people, the use of credit cards is what lead them to acquire unmanageable amounts of debt. Instead of taking out your credit card to make a purchase, try using cash.
- Pay all of your bills on time—As a result of filing for bankruptcy, your credit score likely suffered. To begin building credit again and to contribute to your financial stability, set up reminders and calendar appointments, so that you never miss a bill.
- Monitor your credit report—Small errors on your credit report can negatively impact your overall score. As you start rebuilding your score, obtain a copy of this report and determine if there are any mistakes on it. If there are, dispute them with your lenders.
Most importantly, remember that you have the power to accomplish all of the personal finance goals you set for yourself. If you need any financial advice or guidance after filing bankruptcy, don’t hesitate to reach out to us at Morgan & Partners Inc.