Time to Make Changes

by Jack Morrison on November 2, 2011

October is a time for change. The leaves change colors, the weather cools, and the busy holiday season starts to approach.

What changes have you made in your personal life? How about your financial life? Simple changes can make huge impacts if you make them consistently. If you sit down to actually track where your money is going, I bet you’d be surprised at how small purchases here and there add up.

When people come into my Worcester, MA bankruptcy legal practice, I always first recommend that they determine two things: their income and expenses. It’s easy to determine income; you look at your paystub (minus taxes and benefits). The challenge here is determining your expenses.

Make This Change Today: Determine Your Expenses
Most people are not 100% sure of where their money goes. And if you have a family, there is an additional layer as your family spends money too. If you have a child, chances are you’re paying quite a bit for clothes, activities, sports and entertainment. But when finances are tight, parents are guilted into continuing to pay for these items knowing that their mortgage payment might be late or their credit card statement might not get paid that month.

My task to you: track every dime that leaves your pocket for a minimum of 2-4 weeks. Take every penny spent by everyone in your family—that morning cup of coffee, afternoon snack, quick drink—and write it all down. Once you get an idea of where your money is going, you can figure out any potential leaks that are causing your hard earned money to flood out. You may find that you can save $20-30+ a week to either 1) put in savings or 2) put additional money towards debt. This money adds up. Over a year that’s $1,000. Over time this makes a big difference.

The moral of the story? Control your spending and keep track of where your money is going. 

Are you interested in talking to a knowledgeable, understanding professional about your situation? Then you might want to sit down with a Worcester bankruptcy lawyer for a free consultation. Call my office, the Law Office of Jack Morrison, today at 508.852.7800 or reach out via our contact form. Thank you.


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