Resolving to Get Back on a Better Financial Track in 2011

At the stroke of midnight on New Year’s, most people—people just like you—contemplated resolutions for a better, and in many cases, more financially sound, 2011.  And with millions of Americans facing foreclosure in a lingering housing crisis, extended unemployment or job insecurity, mounting medical debts, and/or other tenuous financial situations during this lingering economic malaise, making amends to be more fiscally savvy can be as tough as post-holiday fruit cake. So, if economic prosperity joins “a healthier you” on your list of goals in the New Year, take this timely advice to get yourself on the road to financial fitness in 2011.

First, and most obviously, it’s important to understand where you stand in terms of your financial health. Are you currently unemployed or feel as though you could lose your job at any moment? If so, do you have enough money for your everyday expenses?  Are you a homeowner who is behind on your mortgage? Do you have health insurance? Do you have multiple credit card balances or mounting utility bills? What other financial circumstances are you facing? Your honest responses could signify a solvent future, or, in the alternative, build a case for personal bankruptcy.

Second, if after your honest financial assessment you find yourself to be more behind, than ahead, start by tracking your specific personal spending for a month.  Once you’ve established where most of your money is going, you can account for (and cut back on) any wasteful or unnecessary expenditures; establish a new, leaner budget; and, in the alternative, track whether unsecured debts (consumer, medical or otherwise), unruly interest rates, or unforeseen expenses are instead causing the biggest dent in your beleaguered budget.  While wasteful ways can be alleviated with some subtle changes in behavior, if you’re drowning in debts, you may want to consider more major debt dissolution strategies.

Third, if you are, in fact, facing unemployment, adding to personal savings can provide a much-needed security blanket for tough economic times. Start with a target savings of at least three months of income and, if possible, work your way up to half a year’s worth. This necessary nest egg can provide much-needed peace of mind in uncertain economic times.

Fourth, once you’ve assessed your income as well as your spending, you may come to the conclusion that that you don’t have enough money to cover your many monthly expenses, much less save for a rainy day.  At that point, you may want to consider bankruptcy. A bankruptcy filing can discharge debt and allow you to save for your next financial steps, including your home, your child’s college fund and retirement.  In fact, hundreds of thousands of people seek the safe havens of bankruptcy at the beginning of each year, using their tax returns to secure a filing that offers them the possibility of a new start— at a reasonable cost—and with it a financially viable and secure future. In short, bankruptcy can end the worry and stress of living on the financial brink…a resolution we can all appreciate.

So, remember, if you are having trouble dealing with another year’s worth of debts it may be time to join the millions of Americans who chose bankruptcy in 2010. The bankruptcy experts at the Law Offices of John T. Orcutt offer a totally FREE debt consultation and now, more than ever, it’s time to take them up on their advice. Just call toll free to +1-833-627-0115, or find them online during off hours at www.billsbills.com. Simply click on the yellow “FREE Consultation Now” button.