Enjoying Your Earnings in Hard Times

: Reese Baker & Associates

  Filed under: Money Management

earningA person experiencing bankruptcy or other financial struggles might say, “I hate money.” He or she might also feel as though enjoyment of money is off-limits. However, there are ways to enjoy money during bankruptcy and other hard times.

Talk to Your Lawyer

A bankruptcy attorney can guide you through the bankruptcy process. He or she can help you determine whether bankruptcy is necessary. If it is, he or she can also reduce your stress and allay fears. Most bankruptcy filers are able to keep their property; especially under chapter 13. Essentials like homes and vehicles cannot be repossessed except under extreme circumstances. Lawyers can also help filers make new budgets. You can talk to your Bryan bankruptcy attorney about the activities you enjoy or that relieve stress, such as taking your children to a movie once a month. Most lawyers will ensure those activities can still happen, even on a reduced basis.

Reward Yourself

Bankruptcy and other financial issues do require careful spending, but that doesn’t mean you can never again buy a cup of Starbucks coffee or a new novel. Once you have a solid budget in place, look for discretionary areas. Then find ways to reward yourself for small victories. For example, paying off a small debt could mean going to the coffeehouse for a cupcake. Saving up a certain amount from your paycheck could mean a night out for your family.

Set Goals

Bankruptcy can make the present seem bleak, so focus on the future. Perhaps your family can sit down and make a common goal for what you’ll do once the bankruptcy is discharged. For example, you might agree to go on a big vacation or add a new room to your home. Start saving what you can and commit to staying on track with your budget.