With the New Year here, it's time to make resolutions that will improve your life for years to come. Money-related resolutions are an ideal way to take charge of your finances, instill new spending habits, and start saving for the future. Attorney Rafael Gil III of The Gil Law Firm is a bankruptcy lawyer who has been serving the Dothan, Alabama, area for over 15 years.
Here he shares three money management resolutions to initiate this year.
- Make A Budget…And Stick To It: Start the New Year with a solid budget in place. Consider all your monthly expenditures like rent/mortgage, utilities, car payments, groceries, etc., and plug in your monthly income alongside them. Take out items you don't need (that daily trip to Starbucks adds up very quickly!), and identify areas you can cut back. Now, the hard part: faithfully stick to your budget throughout the month.
- Make Financial Goals: Are you saving for a house? Is it time to trade in that old car? Do you want to start putting away a nest egg for retirement? If so, these are all admirable financial goals, and you should make them a priority in this year. Reevaluate your budget, see where you can trim some more, and put that money in savings. If you are buried under the weight of unmanageable debt and wonder how you will ever be able to attain your financial goals, contact The Gil Law Firm to see if Chapter 7 or Chapter 13 bankruptcy might be for you.
- Don't Use Credit Cards: It's a lot easier to spend money we don't have when we use credit cards. Get in the habit of carrying and paying with cash. This is, quite simply, the best way to avoid accumulating massive credit card debt. And if you must use your credit card, make sure it is for a budgeted item and you can pay the balance off in full at the end of the month.
Call The Gil Law Firm at (334) 673-0100 or visit them online to see if bankruptcy is the right solution for you. Attorney Rafael Gil III can guide you throughout the process, from learning how to file for bankruptcy to the final ruling in your case. Trust an experienced legal professional to help you restore your financial future.