Five Steps to Getting Your Finances Back On Track (Part 1)

December 26, 2013

Follow these five steps to create a roadmap for getting your finances back on track. If, however, you are buried in debt, it may be time to speak with our bankruptcy lawyers.

Follow these five steps to create a roadmap for getting your finances back on track. If, however, you are buried in debt, it may be time to speak with our bankruptcy lawyers.

With the Christmas holiday over, you may be facing a financial hangover as you start to realize the full extent of how much you spent on this year’s gifts. Although you may want to play ostrich, hide your head and ignore your credit card bills, it’s far smarter to confront your debt head on and make a plan for getting your finances back on track so that you can avoid paying an excessive amount of money in interest payments and possibly even becoming so overwhelmed by debt that you can’t see yourself out of it.

The following presents the first two steps to take in the journey of getting your finances back on track:

  • Step 1: Make a plan – While this may seem like a mundane step in the journey of financial recovery, creating a plan is crucial to its long-term success, as it will help you map out the specific actions you need to take to achieve your ultimate goals.

    As you develop your financial plans, be sure to be as specific as possible with your goals. For example, while your goal may be to pay off one or two credit cards, it could also include saving $10,000 dollars and/or paying off your car loan. Once you have your goal(s) set, start breaking down the specific steps that you will need to take to accomplish your goal(s).

    So, for example, if your goal is to pay off a credit card, figure out how much money per month you need to pay on your credit card in order to pay it off by a certain date; alternate, if your goal is to save $10,000, calculate how much money you will need to put away each month to achieve your desired savings by a target deadline.

  • Step 2: Pay attention to your credit score – Regardless of what your specific financial goal is, it’s critical that you keep a close eye on your credit report and credit score. While closely monitoring your credit score can help you quickly identify any inaccuracies with it, it may also help you boost your credit rating, which can, ultimately, be vital to improving your overall financial standing.

For the final three steps that can help you get your finances back on track, check out the upcoming Part 2 of this blog.

Colorado Bankruptcy Lawyers

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for both individuals and businesses alike. Our experienced legal professionals are committed to providing each of our Clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible.

For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950 or email us some details about your situation by clicking here.

Categories: Blog, Chapter 7 Bankruptcy, Credit, Credit Card Debt, Credit Cards, Credit History, Debt Relief, Financial Tips