With the current economy heading in what some politicians describe as a recession, to the everyday person, the economy can be said to be spiraling in for a crash landing. The U.S. economy hasn't hit rock bottom yet, but for John (Jane) Q. Public, each and every purse string has been stretched to the limit and for many, they have all but broken. This is no surprise to everyone and most of us are tired of hearing the same thing everyday on the news. What can be done to improve the U.S. economy as a whole and turn it around is largely out of the public's hands. Your options as an individual are challenging at best, but there are a few things you should consider.
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The most unpleasant solution is to declare bankruptcy. This is a last resort and should not be considered lightly. With the new laws and restrictions governing bankruptcy and to whom it applies, an attorney that specializes in bankruptcy should be consulted. There is just too much at stake for you to make an error. If you were to make a mistake, the effects can potentially follow you and your loved ones for decades to come.
Alternative steps can be taken and utilized by the majority of those in a negative cash flow. Consult a financial planner or advisor. If you are a disciplined individual, you can probably get some education and undertake changes in habits on your own. Whether you see a financial advisor or not, personal luxuries will have to be sacrificed temporarily for the greater good. Examine your personal expenses. See what luxuries you can live without. There are a few excellent financial software packages that can help you do this yourself. Many of these range from about $50 - $100 depending on what type of personal real property you own and your financial investments. Visit your local computer superstore and look on the shelf under the topic of "financial personal planners."
Some unnecessary "luxuries" that you have become accustomed to probably don't even register in your mind. Most of us can temporarily live without digital cable, premium channels, and free long distance for your land-line phone, especially since most of the current seasons can be found on DVD in 6 months after you are on more financially stable footing. Most people get free long distance included with their cell phone service. Cable TV and home phone service can be temporarily canceled and lived without consequence. Yes, it is inconvenient. But the alternative is much more so. Save the $50 - $100 monthly, and apply it to reducing your debt.
Internet access however has become somewhat of a necessity. You can use this necessary expense to your full advantage. Pay your bills online and save postage. Apply the savings towards other necessities. Whereas internet access may be important and necessary, many other monthly bills are not. Review your credit card or bank statements for services and subscriptions that are automatically charged each month. The convenience of auto-drafting payments can sometimes make you numb to the fact that money is flowing out of your accounts, painlessly each month. If you signed up for a membership, a service, or a subscription months ago you may not even remember that the money comes out of your account. Go over your most recent statement line-by-line, and note anything you are paying for that you really don't use. Canceling the future billings of those services will often save another $200 to $300 per month.
In all, would an extra $300 to $500 in your pocket each month make a difference in your financial picture? If you take the time to review your spending, you will likely find that you have the means to make a difference in your own financial picture with what you earn already. Leverage your resources differently and you can change your financial outlook without damaging your credit rating in a bankruptcy. The key is to avoid wasteful and change unnecessary spending.
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