In this economy, there are a lot of people who are considering filing for bankruptcy. After all, money isn’t really flowing, jobs aren’t readily available, and creditors are desperate to get the money they’re owed.
This means that the nagging phone calls are ever increasing, and negotiations can be hard to come by.
Filing for bankruptcy can relieve some of this pressure. Just talking to a loan modification lawyer can stop the phone call harassment and gives you a fresh start.
On the other hand, bankruptcy stays on your credit history for ten years. You don’t just get away from that. So your slate isn’t completely clean after all. Though bankruptcy is losing some of the stigma it once had, it still may be best to consider other options before filing.
By instilling some eco-friendly practices in your everyday life, you may be able to avoid filing bankruptcy. The heart of “green” living is frugality, avoiding waste, so it makes sense that these principles can help you on your road back to financial security.
An interesting trend in today’s increasingly materialistic society is the simultaneous increase in environmental consciousness. People are finding ways to spend less, have less of an impact on the environment, and still maintain the standard of living that they’ve gotten used to.
Here are some ways to cut spending, maintain comfort, and hopefully avoid bankruptcy.
Analyze your space needs
As much as you enjoy your large house, how much of that space do you really use/need? Heating large spaces is expensive, and the more room you have, the more stuff you have to fill it with. This stuff can add up in price.
Consider trading down for a smaller, but just as nice space. You can sell some of the stuff you no longer have room for and make sure the new place is energy efficient.
Now isn’t the best time to sell a house, however, so if you don’t want to go that route, then make your current space as efficient as possible. Sell old appliances and upgrade to newer, more energy efficient ones. Insulate your house to prevent cold from seeping in. Some of these changes may cost initially, but they save you a bunch, and if you’re trading old for new, and give up unnecessary expenses, you may be able to break even right off the bat.
Food and Gas are probably the two parts of people’s budgets that can be reduced drastically. Carpool to work, or consider working from home. Most communication is by email these days; do you really need to drive somewhere to do your job? If you work near your home, start biking. If you can give up your car completely, then you save on insurance and maintenance costs as well.
Plan away from Home
When you’re out and about, there are temptations to spend money around every corner. With proper planning, you can avoid them. Take lunches to work, bring a water bottle with you everywhere, and take snacks and other basic that you may need with you on daily errands. Many times we buy things we need in the moment that we actually have at home. By planning accordingly, you can avoid a lot of needless expenses.
By making deliberate changes to your lifestyle, no matter how small, you can save a lot of money and attempt to avoid bankruptcy. The monthly savings can allow you to make payments, and you can even get tax deductions for making certain energy-efficient choices.