Step Away From the Edge
Many of the people we work with never imagined that they would be needing the services of a bankruptcy trustee.
Our clients come from all incomes and walks of life. What do they have in common? Most of them experienced a major life crisis such as, illness, divorce, or loss of income – that pushed them over the edge and into financial chaos.
There is little that can be done to avoid most of life’s painful events. However, by keeping your finances away from the ‘edge’, you will be in a better position to cope with the hardships that come your way.
Eight Steps to Help You Keep Away from the Financial Edge
- Get out of debt as soon as you can. The longer you stay in debt, the greater your risk.
- Be aggressive in your efforts to get rid of debt.
- Set up a plan/budget for getting out of debt. Stick to it and track it to monitor and encourage your success.
- Set up an initial emergency fund and only use it for real emergencies. When you are battling with debt, having money for emergencies will help you avoid using credit.
- Switch to a cash-only money management plan. It will help you to stay on top of your finances – and encourage you to think more carefully about your purchases.
- Constantly be on the outlook for ways to cut your expenses and increase your income.
- Once you are out of debt – increase your emergency fund to cover at least 6 months of expenses.
- Stay out of debt – live below your means, save as much as you can, and avoid using credit.
