The bankruptcy attorney paced back and forth in his office. Deep in thought, he reviewed his notes for the seminar. Being a bankruptcy lawyer had its ups and downs, he reflected to himself. With the harsh economy taking its toll on so many people, he had a perpetual stream of clients, yet the steady business was not satisfying. He was concerned that too many people did not seem to know how to handle their finances and he wanted to help them. Excited by the idea, he got to work immediately. He wanted to keep the seminar very practical and easy to apply, so he pared his ideas down to some very basic steps that everyone could follow.
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The first thing to do is determine a budget. A person must look at where all of their money is coming in. Then they must make a list of all the areas where money is going out. Every expense should be included, like utility, trash, water, rent or mortgage, telephone and insurance. The individual needs to write down all expenses to get a clear understanding of where their money is being spent. When establishing a budget, it may need to be determined what expenses are necessary versus expenses that are nonessential, especially if the amount of money coming in is less than the amount of money being spent every month. Once all the specifics of a budget are finalized, it is very important for the person to stay on budget and to record all of their monthly bills as they occur. For some people, it is beneficial to check their spending habits periodically throughout the month so they are aware of what money is still available. Of course, as bills or income fluctuates, it is important to make any needed changes to the budget to keep it accurate.
A second step in handling finances properly is to avoid spending money that is not there. While this idea may seem almost redundant, it is a common stumbling block for many people. In some areas, it may be nearly unavoidable. Purchasing big-ticket items such as a home or a car are typically done with either a long-term loan or credit of some kind. Although there is nothing wrong with borrowing money, it is essential to borrow within reason. After all, the lender does expect to get their money back. Credit cards can be a dangerous crutch for some people as they do not feel the money being spent and they are shocked by how much the statement is at the end of the month.
The third step is eliminating debt that already exists. Debt that people carry over for long stretches that put them financial problems include student loans, cars that were not in their true price range, and credit cards. A reasonable way of working through overextended loans is working to pay down the lowest loan first. When that debt has been completely paid, then the money that was going to pay that debt needs to be transferred to the next lowest loan.
As he completed studying his notes, he confidently strolled from the office and down to the car. He knew that although there were many people struggling with their finances that he could make a difference for some of them. He was certain that helping them to make good choices about how they spend their money, how to avoid spending what they do not have and to eliminate loans would also help to keep them out of his office.
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