Before you breathe a massive sigh of relief after your bankruptcy, you need to understand that disaster can strike in the same place more than once. One of the largest mistakes we see Detroit residents make in the aftermath of bankruptcy is returning to their previous spending behaviors.
Not learning from your experience can land you in financial trouble even after you have cleaned your slate. While it may be possible to file another bankruptcy addressing future debt, we are sure you would like to avoid going through this difficult process again.
Certain behaviors can help people build a brand new future.
- Use cash: Getting a credit card for emergencies is not a terrible idea, but try to use cash for purchases and even for bills as often as possible. This one change alone can save you from future debt.
- Avoid restaurants: Eating out can drain your finances much quicker than you might think. Cooking meals at home is an affordable substitute to restaurant dining, take out and fast food.
- Lifestyle alternatives: Look for ways to continue the lifestyle you love without excessive spending. For example, if you love to work out, create an exercise program you can do at home instead of in an expensive gym.
- New goals: Far too many people think that acquisitions are the key to a successful life. Make new goals for success that have less to do with acquiring things and more to do with seeking happiness, security and meaning.
While bankruptcy is often an emotionally challenging process, you can emerge from the experience both wiser and more at peace. Please visit our website for details about bankruptcy and staying free from debt.