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Tips to consider in your post-bankruptcy life

On Behalf of | Oct 2, 2023 | Bankruptcy

You did not regret filing for bankruptcy. All along, you understood that doing so would provide you with a fresh financial start. Now, you also know that you must adhere to a new outlook – one that steers you into a new direction and away from the old habits that got you in debt in the first place.

On day one of post-bankruptcy, you understand the importance of reestablishing your credit and giving special attention to the financial side of your life. There are some ways that may make it easier for you to do that.

Track expenses, monitor credit report

It takes patience along with some important steps moving toward a new financial life in post-bankruptcy. Here are some of them:

  • Track your expenses: Doing so will provide unmistakable evidence as to how you spend your money. You may find surprises. But, also you may determine what expenses are necessary, others that you can cut back on, and still others that you may eliminate entirely.
  • Pay your bills in a timely fashion: This means on time. Perhaps set up automatic bill payment for some accounts. This move helps you rebuild your credit.
  • Consider strictly using cash for payments: This way you will not be using a credit card, which may have accelerated your spending sprees. The “plastic temptation” will not be there. Then again, you may have no choice if you no longer have a credit card.
  • Apply for a secured credit card: These cards are ideal for people who have no credit and for people seeking to rebuild their credit. Find a bank that offers a secured credit card. You start by making a cash deposit into a bank account. That deposit represents your credit limit.
  • Save your money: By following the previous steps, you may begin to save money. Cutting your spending with a frugal lifestyle helps. In time, you will be able to build an emergency fund.
  • Monitor your credit report: Credit agencies make mistakes. Also, you want to ensure that criminals have not accessed any of your credit card accounts.

New habits will replace old ones in post-bankruptcy. A little self-discipline comes in handy, too.

Confidently embracing a new financial life

You took a big step when you filed bankruptcy. Now, you must adopt a new way of thinking, which will lead to a new financial life that you can embrace with confidence.