Skip to Content

Category Archives: Money Saving Tips

Tax Liens No Longer Reporting on Credit Reports

The three credit reporting agencies – Equifax, Experian, and TransUnion – are now excluding tax liens from credit reports. This means some credit scores will increase, and some by as much as 30 points.

The removal of tax liens from credit reports comes as a direct result of improved standards for utilizing new and existing public records. The credit bureaus implemented improved standards last July that required the bureaus to remove civil judgment and tax lien data from credit reports if that data did not include the consumer’s complete information, such as full name, address, social security number, and date of birth. It was reported that such a change would exclude a majority of civil judgments and tax liens from credit reports.

Now in 2018, the new standards ensure that tax liens are excluded from reporting. Read more about the credit reporting agencies move toward improved standards here.

Disputing Incorrect Information on Your Credit Report

The reporting of incorrect information is the number one issue reported to the bureaus by consumers. Incorrect information can lead to a lower credit score, which is a determining factor in the interest rate you’ll be offered for credit cards, car loans, and mortgages,  and moreover, affects whether you can get a loan at all.

It is important that you dispute inaccurate information misreporting on your credit reports from Equifax, Experian, and TransUnion. The credit reporting agency must investigate your dispute and it must delete inaccurate, incomplete, or unverifiable information within 30-days. The Federal Trade Commission (FTC) offers step-by-step instructions for disputing inaccurate information here and offers a sample dispute letter you can use here.

Tactics to Raise Your Credit Score

Ensuring the information reporting on your credit report is accurate and complete is one way to raise your credit score. Other credit-score-boosting tactics include:

  • Always make payments on time. One report found even a single late payment could lower your credit score by 60 to 110 points, depending on other items in your credit history.
  • Do not max out your credit cards. Using a high percentage of your available credit can lower your credit score. Aim to use only 30 percent (or less!) of your available credit limit.
  • Get out of debt. Paying down debt, and ultimately paying off debt, helps to raise your credit score.

We hope the foregoing helps you better understand your credit score and what you can do to ensure it is as high as possible.

If you are facing a serious debt problem and want to explore your options for getting out of debt, we invite you to come in for a free, no obligation consultation.

Call us today at (912) 351-9000 or contact us here.

 

All of us here at the Law Offices of Barbara B. Braziel want to help you get out from under the weight of financial stress and gain financial freedom. We invite you to get to know us here and read about the clients we’ve helped here.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

The Major Credit Reporting Agencies Move to Improved Standards

The three credit reporting agencies – Equifax, Experian, and TransUnion – have implemented improved standards to new and existing public records in their databases.

Tax liens are no longer reporting on credit reports and some civil debts will also be excluded from credit reports.

These improved standards are a result of a report by the Consumer Financial Protection Bureau (CFPB). The CFPB said Equifax, Experian, and TransUnion had insufficient quality control systems and failed to conduct reasonable investigations after consumers disputed something appearing in their credit report. The report cited a number of problems the CFPB found with the three credit reporting bureaus and outlined suggested reforms aimed at helping consumers improve the accuracy of their credit reports. Suggested reforms included stricter identity-matching criteria and updating records more frequently.

Equifax and TransUnion fined and made to pay nearly $18 million in restitution.

The CFPB report outlining various problems with the three main bureaus was released after an enforcement action against Equifax and TransUnion was announced.

According to the CFPB announcement: “In their advertising, TransUnion and Equifax falsely represented that the credit scores they marketed and provided to consumers were the same scores lenders typically use to make credit decisions. In fact, the scores sold by TransUnion and Equifax were not typically used by lenders to make those decisions.”

As part of the enforcement action, Equifax and TransUnion will pay more than $17.6 million in restitution to customers and $5.5 million in penalties to the CFPB. Moving forward, the bureaus must “clearly inform consumers about the nature of the scores they are selling.”

The big three credit reporting agencies improving their standards.

The improved standards should have resulted in the removal of negative information from many credit reports, thereby increasing scores. The Wall Street Journal reported that removing negative information could boost scores by up to 40 points or more for roughly 12 million consumers; however, analyses conducted by FICO and the credit reporting companies reflect a more modest impact to credit scores.

Consumers depend on the accuracy of the credit reporting data and the bureaus’ improved standards are a step toward more accurate reporting.

Check your credit report regularly.

It is not uncommon for information to be misreported on credit reports. Everyone should keep an eye on their credit report – even if you are not having financial struggles. Also, it isn’t just mistakes or misreporting to be concerned about. Monitoring your credit report is a way to detect fraud and identity theft.

You are entitled to a free credit report every year from each of the three credit reporting agencies. You can order your free credit reports online from AnnaulCreditReport.com. Ordering from this site helps ensure a secure transaction. AnnualCreditReport.com is the only authorized source by federal law for free credit reports.

You have the right to dispute inaccurate, incomplete, or outdated information, or other mistakes or misreporting on your credit reports from Equifax, Experian, and TransUnion. The credit reporting agency must investigate your dispute and they must delete inaccurate, incomplete, or unverifiable information within 30-days.

The Federal Trade Commission (FTC) offers step-by-step instructions for disputing inaccurate information here. The FTC also offers a sample dispute letter you can use here.

All of us here at the Law Office of Barbara B. Braziel are here to help you end your financial struggle and gain financial freedom. We invite you learn more about our firm here and come meet with us for a free, no-obligation consultation.

Reach out to us here, by email at info@BrazielLaw.com, or call (912) 351-9000.

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

Americans Are Deeper in Debt Before Retirement Than Ever Before

Today Americans are more likely than ever before to reach retirement-age in debt.

More than 70 percent of people ages 56 to 61 were in debt in 2010, showed a recent study that appears in the American Economic Association Papers and Proceedings. The study analyzes the financial standing of people nearing retirement and their exit from the workforce, how that financial standing has changed over time, and how much of the Great Recession is to blame. To that end, the study compared debt levels among different generations when they were in the age range of 56 to 61.

How in debt are Americans nearing retirement? The researchers found that people who were 56 to 61 years old in 2010 (70 percent of whom were in debt) carried a median debt balance of $32,700. The same age group in 1992 carried a median debt balance of $6,760. These values are adjusted and expressed in 2015 dollars.

What does this increased debt load for older American mean? It means that people will be forced to work longer. The average American retires in their early 60’s. However, with a heavy debt load it may not be feasible for people to retire until later in life: “Having to divert a greater share of one’s resources toward mortgages and credit card bills can also be especially difficult (potentially impossible) for those on a fixed-income.”

Also, carrying debt later in life increases one’s chance of needing to file for bankruptcy protection. Annamaria Lusardi, the Denit Trust Chair of Economics and Accountancy at the George Washington University School of Business, and a co-author of the recent study, pointed to another study that shows bankruptcy filings are growing fastest among people over the age of 65.

Why are older Americans more in debt than ever before? The answer to this questions is multifaceted. A few things that certainly contributed to increased debt was the increase in housing costs during the early 2000s and the ease of borrowing during that time period. As housing prices increased to levels previously unseen, lenders were requiring smaller down payments and mortgages were increasingly available to borrowers―even with low credit scores or few financial resources. Not only were mortgages easier to secure, so too were high-limit credit cards and loans against collateral, like second mortgages, Home Equity Lines of Credit, and auto title loans.

Lusardi said, “Retirement today will have to do not just with accumulating wealth, but managing debt.”

Relief From Debt

If you are struggling to manage your debt load, we encourage you to explore if filing for bankruptcy protection is the right solution for you.

At the Law Office of Barbara B. Braziel we’re here to give you the fresh start you deserve. Call us today at (912) 351-9000 or contact us here to schedule a free consultation.

 

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

4 Keys to Successfully Managing Your Personal Finances

When you have a solid grasp of your personal finances you will be free from stressing out about money, your bills will be paid, your financial goals can be met. Many of us get out of school without ever having taken a course in personal financial management. We are taught logarithms and the order of the planets in our solar system – but few of us are taught how to save enough for retirement or how to understand interest on a 30 year fixed mortgage.

But it is never too late to adopt better financial management practices! Begin with these 4 Keys to Successfully Managing Your Personal Finances.

  1. Know your goals.

The first step to managing your personal finances is knowing what your life and financial goals are. Your finances affect many areas of your life. For example, your goals to buy a house, start a family, or move across the country are affected by how your manage your personal finances. Your goal to travel the world or to retire early is dependent on how well you handle your finances today.

Once you know your goals, prioritize them. You may be able to have it all – but you may not be able to have it all at the same time. You want to ensure that you are working toward the goals that are most important to you. It is important to also actively work toward your long-term goals, like saving for retirement, as you are working toward and achieving your more short-term goals. It is never too early to begin saving for retirement.

  1. Craft a Financial Plan

Without a plan on how to reach your goals, it is unlikely that you will reach them. Your financial plan should be designed around your life and financial goals.

Your plan should be multi-tiered and include short-term actions and long-term planning. Of course your plan will be fluid and flexible over time, but it’s important to have a framework in place. Your plan should include building an emergency fund and investing into your retirement. If you have debt, eliminating that should be a priority.

Your plan’s primary key to success is your budget.

  1. Your Budget

Own it, embrace it. Make sure you have a reasonable budget that you can and will stick to. For guidance, read our articles How to Budget – Without a Budget, A Practical Strategy and 5 Steps to Create A Solid Budget.

  1. Seek Financial Advice

Many of us are taught that it is not appropriate to talk about money or our finances – and in certain situations or environments that may be true – but realistically, if we do not talk to our trusted family, friends, or even a financial management professional, we are missing out on knowledge, tips, and advice that could truly benefit us.

Don’t be afraid to ask for financial advice from the people you trust. Do you have a wealthy aunt who seems to know a lot about investing? Take her to lunch and ask her to teach you a few things. Do you have a cousin who was able to retire at 50? Invite him over for dinner and ask him about what investments helped him reach his goal for early retirement. Most people are flattered to be asked for advice and will happily share their knowledge.

Share these 4 Keys to Successfully Managing Your Personal Finances with your friends and family!

Follow us on Facebook for financial management & money saving tips!

 

The Law Office of Barbara B. Braziel helps people get out of debt. We offer free consultations to people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

Simple Steps to Setting Up Your Budget

Have a budget is one of the tenets of healthy financial management. Without a budget you can’t know what you can afford or how much you’ll be able to save so that you can meet your financial goals.

For some people setting a budget is a difficult task. That’s okay. It is never too late to set up a doable budget and stick to it! Follow these simple steps to setting up your budget:

Determine your income. Be mindful to include all sources of income, including sources that may not come in on a regular schedule.

Determine your expenses. Include fixed expenses like your mortgage or rent, car payment, utilities and other regularly occurring monthly bills, as well as your variable expenses like your food, gas, and entertainment expenses. Also, include expenses that occur throughout the year like your property taxes, car maintenance costs, tag renewal, etc.

Compare your expenses to your income. Consider this an opportunity to look at where you can cut expenses so that you can save more money or pay off debt. Ideally you should be saving at least ten percent of your income for emergencies, retirement, and to meet other short and long-term financial goals.

Set a realistic budget. Now that you know exactly how much money you have coming in and where that money is being spent, set your budget. It is important that your budget account for all of your fixed monthly expenses, necessary living expenses, and provide for paying off debt and saving.

Adjust as needed. If you get a month or two into following your new budget and you find it just isn’t working – then update it! You always have the opportunity to create a budget that works for you. Healthy financial management is realistic and works for you.

Your budget is your pathway to reaching your financial goals, whatever they may be. Following a budget means you can get out of debt, take that trip to Fiji, and eventually retire without the worry of running out of money.

Follow us on Facebook for financial management & money saving tips!

 

The Law Office of Barbara B. Braziel helps people get out of debt. We offer free consultations to people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

Call us at (912) 351-9000 or email info@BrazielLaw.com.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

8 Personal Finance Facts You Should Know

When it comes to managing money, there are things everybody should know. Not knowing certain facts about your personal finances could cost you dearly. In some instances what you don’t know really could be expensive.

Here are 8 Personal Finance Facts You Should Know!

  1. Know how long your savings would last if you were not working. Best financial practice is to have six months of emergency savings available. If your emergency savings falls short of covering your living expenses for six months, it is important to either save more now or have some other funds that can be easily available should you run out of cash.
  2. Know your Annual Percentage Rate (APR) on your credit cards. The APR is the annual rate charged for borrowing. You should know how much carrying debt forward costs you. The average credit card APR is 47%, and varies from 0% to over 50%. If you are carrying credit card debt forward, pay off the card with the highest APR first.
  3. Know what your insurance deductibles are. If you have to make a claim on your car insurance, homeowners insurance, or renters insurance, do you know how much your deductible will be? You should know your deductibles so that you can be prepared to pay it in case of an emergency. Also, you may consider voluntarily raising your deductible to get a reduction on your annual insurance premium.
  4. Keep track of where your pensions and life insurance policies are. It is easy to lose track of old company pensions or life insurance policies you took out ages ago. Keep these important documents in one place, ideally a fire-safe box and scanned files backed up on the cloud, so that you can easily access them when you need to.
  5. Know how much you are saving for retirement. It isn’t sufficient to simply stash money in your 401(k). It is important that you know how much you will need for retirement and have a plan for how you will reach that amount by the age you wish to retire.
  6. Know what factors affect your credit score. There’s a lot of misinformation about credit reports and credit scores. Take time to research facts.
  7. Know how to read your credit report (and how to order a free credit report!). It is important to review your credit report regularly for inaccuracies, mistakes, and even fraud.
  8. Know what your monthly income and expenses are. Following a budget (which includes knowing your income and expenses!) is a critical component to financial health. Financial goals are met when you know you are saving “X” per month. Financial goals are not met when you try to save whatever is left over at the end of the month.

Share these 8 Personal Finance Facts with your friends and family!

Follow us on Facebook for financial management & money saving tips!

 

The Law Office of Barbara B. Braziel helps people get out of debt. We offer free consultations to people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

4 Financial Moves To Make Right Now

Wise money management is a skill. It’s a skill anybody can learn and even improve over time. It is always the right time to make wise financial decisions. And it is never too late to start making wiser choices for your financial health.

The following are 4 Financial Moves to Make Right Now.

  1. Take full advantage of employer matched retirement savings.

Many employers match an employee’s 401(k) or 403(b) contributions up to a certain percent of the employee’s salary. If you contribute less than your employer is willing to match, then you are passing up free money.

For example, if your employer matches up to 6% of your salary and you only contribute 3% of your salary into your 401(k), then your employer matches only 3%. Each year you are missing out on the opportunity to increase your contribution to your 401(k), at no expense to you, by 3% of your salary.

Employer matched retirement savings is part of your employee benefits. We urge you to take full advantage of it.

  1. Make savings automatic.

Even the most disciplined of us can fall short of our savings goals or spend beyond our budget. The best way to ensure that you save exactly the amount you intend to save is to make your savings automatic.

Set up a fixed amount to be transferred from your checking into your savings each month. Most banks offer this service for free. For people with fixed income, this should be a percentage of your paycheck. For people with varying income, this could be a fixed number to save, as determined in your budget to ensure you reach your financial goals.

  1. If you qualify, make use of a Health Savings Account.

Health savings accounts (HSA) can play an important role in helping you manage health care expenses of today and in the future. You can enroll in a tax-advantaged HSA through your employer or directly as an individual.

Essentially an HSA is a medical savings account option available to taxpayers who are enrolled in high-deductible health insurance plans (HDHP). The money contributed to an HSA account is not taxed. HSAs are portable and controllable, and they roll over from one year to the next.

The money in an HSA can be used to pay for qualified medical expenses, including deductibles, copayments, and prescription costs. Since HSAs roll over from year to year, they can be used to pay for health care costs now and in retirement.

  1. Make sure you’re spending your money on what matters to you.

We often share this in our articles about money management and financial wellness. While it isn’t a financial move in the traditional sense, it is an important financial concept.

Certainly paying for life’s necessities and living expenses must be our number one priority. Having an adequate emergency savings and a fully funded retirement should be important to all of us. For those of us in debt, getting out of debt should be a priority.

It is important to budget and plan for all of these things… but the things beyond necessities, the things that are important to you should be reflected in how you spend your money. If you are a big fan of travel, saving for that next exotic vacation should be in your budget. If your passion is running, then you should be budgeting for running shoes, the gear you need, and entry fees for races throughout the year.

Don’t squander your extra money on meaningless items or impulse buys at the expense of being able to afford the things and experiences that are truly important to you.

 

Follow us on Facebook for more financial tips!

The Law Office of Barbara B. Braziel helps people get out of debt. We offer free consultations to people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

3 Credit Card Myths

Credit cards are a financial product. When used well credit cards can help your overall financial health. Benefits like rewards programs, price protection, and rental car deductible coverage make it worth having a credit card or two.

On the other hand, misuse of credit cards can get consumers into financial trouble. Credit cards may be a source of anxiety for you, especially if you have debt problems or have in the past.

As with many financial tools, there myths about credit cards that are commonly believed. Let’s delve into the top 3 Credit Card Myths.

Credit Card Myth #1: Carrying a balance on your credit card improves your credit score.

No. Carrying a balance forward means you will incur interest charges and it will do nothing to help your score.

The two most important components of your credit score are: on-time payments and utilization. Utilization is your statement balance as a percentage of your total available credit limit. The myth often suggests carrying a balance equal to roughly 30% of your credit line. The sound financial advice is that if you have to carry a balance forward, keep the balance below 30% of your credit line. Carrying a high balance forward can harm your score.

Credit Card Best Practice: Pay your credit card bill on-time and in-full every month.

Credit Card Myth #2: It is best to avoid credit cards and use a debit card instead.

Certainly if you are prone to over-charging using a debit card that only allows you to spend up to the amount in your bank account can be helpful. Though, this tactic is not doing anything to improve your credit score or develop credit history or payment history.

Your credit score is a reflection of your behavior when you borrowed money previously. Lenders look at your credit score as a measure of your likelihood to repay the money you borrow. Since debit cards do not involve a bank lending you money, debit cards are not considered in the calculation of your credit score.

Since credit cards involve a bank lending you money, and when used wisely credit cards can help you establish a good credit history.

Credit Card Best Practice: Use your credit card as an opportunity to build good credit history by paying your bill on-time and in-full every month.

Credit Card Myth #3: Opening a credit card will harm my credit score.

It is true that anytime you apply for a line of credit or credit card your score will decrease by a few points (roughly 5 to 10). If you have a high credit score in the 700s this slight dip is generally not an issue. The only time to be cautious of even a slight dip is if you plan to apply for a mortgage or other large loan, because the higher your score, the lower the interest rate.

If your credit score is hovering in the 600 range or lower, then it is important that you focus on improving your score so that you will be eligible for credit cards that come with the best perks.

Credit Card Best Practice: Use your new credit card responsibly to ensure the slight decrease in your credit score will recover quickly.

We hope dispelling these 3 credit card myths helps you better protect your money and your credit score!

Follow us on Facebook for tips on wise money management!

 

All of us at the Law Office of Barbara B. Braziel are here to help you end your financial struggle and gain financial freedom. We help people get out of debt by filing for bankruptcy protection. Contact us at (912) 351-9000 today to set up a free consultation.

We proudly serve the people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

What Are Short-Term and Long-Term Financial Goals? What’s the Difference?

Having specific financial goals is an important step to becoming financially secure. Though, not all financial goals are the same, and therefore they cannot be treated the same. Setting priorities and timeframes are elements to solid financial goal setting.

Short-Term Goals

Short-term financial goals address your immediate expenses―things you will spend money on in the next few months or coming year. Short-term financial goals include paying for:

  • Living expenses, like rent and necessary insurance.
  • Saving an adequate emergency fund.
  • Wants or luxury purchases, like a new camera or piece of furniture.
  • Saving for a vacation or wedding.
  • Paying down debt, like student loans.

Long-Term Goals

Long-term financial goals are your big-picture costs and will typically take several years or decades to reach. Long-term financial goals include:

  • Paying off your mortgage.
  • Saving for retirement.
  • Saving for your child’s college tuition.

Mid-Term Goals

Some financial goals will take longer to reach than typical short-term goals, but can be achieved more quickly than larger, more expensive long-term goals. These mid-term financial goals will vary by person, but may include buying a new car outright or putting down a significant car down payment, saving for a house down payment, or saving a nest egg to start a business.

Setting Priorities and Timeframes

There are certain financial goals that are simply more important than others. Meeting your immediate needs, having an emergency savings, saving for retirement, and paying off debt are top priorities.

Once you’ve determined what your short and long-term financial goals are, it is important to then prioritize those goals. When your financial goals will be met will depend on your budget. Based on your budget you should know exactly what you plan to save each month. While unexpected expenses may arise occasionally, that should not throw your budget out the window (especially when you have an emergency savings to draw from to cover unexpected emergency expenses).

Reaching a milestone financial goal is a rewarding experience. Following a budget isn’t always easy. Saving when you want a new phone, running shoes, and a $5 latte isn’t always easy. But living debt-free, paying for your new couch outright, and knowing that your retirement will be fully-funded makes the commitment to budgeting worth it. Stay focused on your goals.

We hope you found this guidance on financial goal setting helpful as you begin your journey to becoming a savvy saver!

 

Follow us on Facebook for more investing tips!

The Law Office of Barbara B. Braziel helps people get out of debt. We offer free consultations to people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE

Don’t Spend Money Without A Plan

At the end of last year, 50.7% of people surveyed said they set no holiday budget at all. Another 15.1% of those surveyed reported that they set a holiday budget… but they ignored it and spent more than planned.

Now, months into 2018 many people are still paying for their 2017 holiday spending.

It is not a wise financial decision to spend money without a plan, without at least loosely following a budget. We understand that creating and living within a budget can feel daunting to some people. But the fact is that following a reasonable budget is the only way to meet your financial goals.

For example, say you want to save for a down payment on a house. You can put a portion of your income each month into savings and hope that one day the account has enough for the down payment. But reaching financial goals on a hope isn’t likely. Instead, if you follow a budget and save a set percent of your monthly income, you will be able to know exactly when your savings account will have enough money for the down payment on your dream home.

On A Budget

For guidance on budgeting, read our articles 5 Steps to Create A Solid Budget and How to Budget ― Without a Budget, A Practical Strategy. Remember that your budget can be modified to fit your needs and wants. You will still reach your financial goals if you follow your budget most of the time. Don’t be too hard on yourself. Be willing to be flexible. But also be willing to rein in your spending and plan for large purchases.

Don’t Spend Money Without A Plan

First, spend within your budget. Your budget is your money plan. It tells you how much you will save every month and how much you can spend on lattes and a new pair of running shoes.

Second, plan for your financial goals. Set short and long-term financial goals and build your budget around those goals. You know what is most important to you―make sure those things are being prioritized. If being a home owner is important, then plan how to save your down payment. If taking an annual trip to Tahiti is important to you, then plan for the expense of the trip in your budget. Your budget actually gives you the freedom to do and have the things you truly want.

Third, if you are in debt, make a plan on how to get out of debt. Here we are talking about unsecured debts, like credit card and medical debt. If you are carrying debt forward each month, stop incurring new debt and come up with a plan on how and when you will get your debt paid off, in-full. You will not get out of credit card debt if you continue to make new charges while you’re trying to pay off purchases from months ago.

One of the main aspects of financial health is living within (or below) our means. This means our money is spent, and saved, with a plan.

Follow us on Facebook for money saving tips!

 

The Law Office of Barbara B. Braziel helps people get out of debt. We offer free consultations to people of Savannah, GA and the surrounding areas, including Richmond Hill, Hinesville, Pooler, Port Wentworth, Tybee Island, Clyo, Ellabel, Midway, Ludowici, Springfield, Pembroke, Brooklet, and Garden City.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.

READ MORE