Behm Law Group, Bankruptcy Attorneys

Financial solvency gives you freedom, independence, and peace of mind. You get the freedom to be your own boss in financial matters. You purchase what you want, while living within your means. Bankruptcy may either be a thing of the past or something you’ve never experienced.

Financial independence and peace of mind are wonderful. They lift your spirits and keep stress away. The bankruptcy attorneys at Behm Law Group, Ltd. believe that following five financial tips will help you to remain financially solvent in 2015:

1) Establish goals for 2015. What do you want to have accomplished by January 1st, 2016? How will those goals impact your finances? Will you have a financial cushion to protect you from bankruptcy? The bankruptcy attorneys at Behm Law Group, Ltd., want you to carefully consider your responses before making your final decision.

2) Prepare a monthly budget. Look at your expected 2015 income, and carve out those expenses that are essential for your family to live. Assuming you have a positive number after subtracting expenses from income, you are well on your way to avoiding bankruptcy. If your number is negative, double check your expenses. Did you only include needs, or have some “wants” slipped in?

3) Keep track of your monthly expenses. This is slightly different from #2. With a budget, you’re noting goal-post numbers that haven’t occurred yet. Here, you’ll want to document all of your actual expenses each month. Then compare and analyze those numbers with your budgeted items. If any problem areas are edging you toward bankruptcy, you’ll be forewarned.

4) Either spend less or earn more. Behm Law Group, Ltd., realizes this can be easier to write than to do. Basically, be determined to spend less than what you earn. If you don’t like that constraint, then find a way to increase your income in 2015.

5) Spend wisely. After your essential living expenses are covered, spend any remaining money wisely. Perhaps some could be saved or invested. You could consider any monies saved to be an investment in yourself and your family. Is each purchase contributing toward your goals, or deviating from them? You decide.

Mankato residents: we hope these tips will spur you on to greater financial freedom and independence in 2015!