Chances are that, if you have resolved to improve your financial standing in 2014, you will be focused on limiting your spending and saving your money. While this is, in general, a good rule of thumb to live by when you are trying to get your finances in order, there are some instances when NOT spending some money right now could end up costing you A LOT more in the future.
Here and in an upcoming second part of this blog, we will highlight some of the specific instances in which not spending some money now could catapult you into serious debt in the future.
Situation 1: Spending Money on Insurance Coverage
Car insurance, health insurance, homeowner’s (or renter’s) insurance, etc. are all forms of coverage that can be crucial to have in the event that you are in an accident or some type of disaster strikes. While paying for insurance coverage can be a pain and may be one of the first things you consider cutting back on if you are trying to pare down your monthly expenses, having this coverage is crucial when the unexpected catastrophe strikes, as it can prevent you from having to pay thousands of dollars (or more) to cover car repair bills, medical bills and/or home repair bills.
Situation 2: Spending Money on Routine Medical Care
One of the top causes for bankruptcy filings in the U.S. is overwhelming debt caused by expensive medical bills, and such bills are most likely to accumulate when a person has been diagnosed with a serious illness or condition. Because many serious health problems actually develop over the course of years, when people are diligent about attending routine medical checkups and getting the regular medical attention they need, they can effectively maintain good health, catch any possible health complications in their early stages and get the essential treatments they need early on so the complication doesn’t progress to a later, more serious stage (which will likely be associated with more expensive necessary medical treatments).
Therefore, while spending money on routine medical care is clearly a good choice for staying healthy, it’s also a good financial decision because it can significantly reduce the chances that you will develop serious health problems and need expensive medical treatments in the future.
Stay posted for our upcoming second part of this blog for some additional financial tips regarding when it’s wiser to spend some money now so that you don’t end up paying more in the future.
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.