Not only does financial hardship take its toll on your bank balance, but it can also be quite stressful. You may wonder if you’ve made the right decision, or contemplate whether or not you could have done something differently in the past.
In reality, you are probably being too hard on yourself. Millions of Americans are currently in a similar situation, struggling to make ends meet despite working hard every week. Medical costs, inflation and the job market are all things that are out of your control.
After bankruptcy, it may be best for you to focus on the present and future, leaving the past behind you. You have a chance to rebuild, and organization can play a key role in making a success out of this fresh start.
Create a backup plan
If your income allows you to do so, it can help to put a little bit away in savings every month and create an emergency fund. Many banks have a facility that allows you to do this automatically after each paycheck. This means that you can separate money for household bills, travel costs, and recreation, knowing that you should not touch the savings other than in the event of an emergency.
Staying on top of the paperwork
Perhaps some of your previous financial troubles stemmed from forgetfulness? You may have put a bill to one side and forgot about it, and subsequently incurred extra charges for late payment. Whether you receive digital or paper bills, it is in your best interests to keep a hold of them all and prioritize them in terms of the date they need to be paid. This can help you to avoid late charges, which can soon spiral out of control.
Going through bankruptcy is not easy but you can get through it and start again. If you’re facing financial trouble in Illinois, be sure to check out your legal options.