Chicago Bankruptcy Lawyer Blog

Saving money often presents a problem. You know you need to start saving, but you can spare so little thanks to your debt, you figure why even bother.

Well, I'm going to let you in on a secret: every little bit counts. It's better to save one dollar than to save no dollars at all. And if that one dollar is what it takes to get the ball rolling on your fresh financial start, then it's worth a lot more than its paper value.

Most folks tell themselves saving would be easier if they just made a little more money. But chances are when you finally get that much-needed raise, you'll quickly find other uses - and excuses - for your cash. However, if you can set aside just a couple bucks each month starting now, you'll kickstart a habit that can last you a lifetime, no matter how much you get in your paychecks.

Continue reading "Change Your Financial Mindset to Start Saving Money" »

Gone are the days when losing weight or kicking a smoking habit were top New Year's resolutions. This year, it's all about the money.

And for good reason. With millions of Americans facing foreclosure, out of work or otherwise struggling to pay the bills, it's time for a real change. It's time we stopped procrastinating and making excuses and instead started saving. Don't worry; it's easier than it might sound. And as an added bonus, creating a spending plan can actually help you achieve other changes in your life - like quitting cigarettes or eating more healthfully.

Unlike many folks fear, a spending plan doesn't have to take all the fun out of your shopping. But it can streamline your life by helping you make more realistic choices.

Continue reading "Start the New Year Right with a Realistic New Spending Plan" »

It's said that everything is best in moderation, even good things. That's why I'm here to make the case for saving LESS.

Don't get me wrong, saving is still the underlying theme of most posts on this blog. Unless you're about to get a massive raise at work - or, you know, have a money tree growing in your backyard - stashing cash is the only way to make more money. It's a way to give yourself a raise, no boss needed. A realistic budget can be a great tool for allocating the things you might like, but don't really need, to the things you do need - like enough money to pay the utilities bill and your rent or mortgage.

But I've seen folks go overboard and actually endanger their well-being because they're so intent on maximizing savings. It's easy to identify a luxury good when looking for places to cut back - cable TV, a gym membership, restaurant meals and your 30th pair of shoes, for instance. It gets more complicated when figuring out how to scrimp on the necessities.

Continue reading "Chicago Bankruptcy Lawyers Say Even Saving is Best in Moderation" »

June is a sneaky month.

It holds no major holiday, no income tax payments, no back-to-school shopping, but somehow it always costs me an arm and a limb. Just as I've finished paying off my Christmas shopping damages, I get bombarded with graduations, bridal showers, weddings, Father's Day and birthday after birthday (seriously, does everyone in my family have a birthday between May and July?). If I was a parent, I'm sure I'd also be dealing with out-of-school kids clamoring for a vacation and trips to the amusement park (oh wait, that's the job of my significant other!). Goodbye, relaxing summer.

That's the bad news. Here's the good news. I've finally learned to expect this rash of warm-weather expenses, which means I've been able to plan for it. Anticipating the spending spree hasn't entirely eliminated the pain, but it's helped a lot. I know because I haven't added to my debt. What's the secret? I've been using cash, not credit.

Continue reading "Chicago Bankruptcy Lawyers Suggest Swapping Cash for Credit to Save on Gift Giving This Summer" »

When the stock market took a dive last year, so did most retirement funds. But it's not just Wall Street doing damage to our savings - it's our own impatience. Since the recession began, people have been pulling the plug on their retirement money, cashing out to pay for present-day expenses like bills and groceries.

Even I'm not immune to stealing from my own piggy bank. When I changed jobs a while back, I cashed out the earnings from my profit-sharing plan with the full intention of re-investing them. That didn't exactly happen. I learned a valuable lesson: if you have money in your primary account, you will spend it. Gas prices were going up and it was pretty convenient to have that extra cash cushion. But the problem is that, now, it's gone for good.

Continue reading "Chicago Bankruptcy Lawyers Help You Hold On To Savings" »