The Houston bankruptcy attorney paced back and forth in his workplace. Deep in thought, he reviewed his notes for the seminar. Being a Houston bankruptcy lawyer had its ups and downs, he silently contemplated. With the harsh economy wearing on everyone, he had constant business, yet the steady business wasn’t making him happy. He was concerned that a lot of people didn’t understand how to be fiscally smart and he wanted to be of assistance to these people. Motivated by the thought, he worked on his plan right away. He wanted to keep the seminar straightforward and realistic, so he simplified his thoughts to some fundamental actions that anyone could do.

The first thing create a monthly expense plan. A person must look at where all of their money is coming in. Before the month gets started one should prepare a list of all the spendings and expenditures. This helps in better management of the money and credit cards. It helps people from spending less and spending at the right place where actually it is needed. People spend credit cards on various places like dmagazine and shoppings and many more. they should record where their money is spent. All costs should be noted, like electricity, garbage collection, water, rent or mortgage, telephone, and insurance.

The person needs to record all expenses to get a clear understanding of where their money is being spent. When establishing a budget, a separation of essential versus nonessential bills may be necessary, especially if less monthly cash is coming in than going out. Once budget details are settled, it is very important for the man or woman to stay on budget and to record all of their monthly bills as they occur. For some people, it is beneficial to check their spending habits periodically throughout the month so they are aware of what money is still available. Of course, as expenses or salary fluctuates, it is necessary to modify the budget so it’s correct.

A second step in handling finances properly is to avoid using money that doesn’t exist. While this idea may seem almost redundant, it can trip many people up. Sometimes, it may be almost inevitable. Buying large things like a house or automobile are typically done with either a long term loan or credit of some kind. Although it’s okay to get a loan, it is crucial to borrow within reason. After all, the lender does expect to get their money back. Credit cards can be a dangerous crutch for some individuals as they don’t feel the money being spent and they are shocked by how much the statement is at the end of the month.

The third step is eliminating debt that already exists. Monetary obligations that people carry over for long stretches that put them financial problems include student loans, pricey cars they couldn’t afford, and credit cards. One logical way of handling debt is paying off the lowest loan first. When that loan is gone, then the money that was going to pay that debt needs to be shifted to the next smallest amount of debt.

As he finished reviewing his presentation, he left his office and got into his car feeling good. Even though an overwhelming number of people had financial problems he could make a difference for some of them. He was convinced that helping them to make good choice about how they use their finances, how to avoid spending what they don’t have and to get rid of debt would also prevent them from needing his legal assistance.

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Michael Valdez is a news writer and a social media influencer. Before joining, he used to be a news anchor at TV 5 News Station

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