Bankruptcy attorneys often offer tips and strategies to help clients back onto the path of financial stability after they’ve filed bankruptcy. We are continuing our series of articles discussing some tips on how to achieve financial stability. Our previous articles discussed the importance of shopping smart and getting the best deals on the items you need. We also covered why you should track your spending, plan ahead, and use cash instead of credit. Today, we will discuss starting an emergency fund.
Start an Emergency Fund
Having money set aside for unexpected expenses can be a lifesaver. If you don’t already have an emergency fund, make it a priority to start one as soon as possible.
There’s no one-size-fits-all approach to emergency funds, but a good rule of thumb is to save at least three to six months’ worth of living expenses. This will give you a cushion in case you lose your job or face an unexpected expense like a medical bill or home repair.
You can start small and build up your emergency fund over time. Make a budget that includes a line item for savings and make a habit of putting a certain percentage of your income toward your emergency fund each month. Even if you can only save a few dollars at first, every little bit helps.
Our next article will conclude our series on achieving financial stability. If you plan to file bankruptcy, Charleston residents and those in surrounding areas have sought the services of Drose Law Firm for more than 30 years. Our bankruptcy lawyer handles only debt resolution cases. The first thing your bankruptcy lawyer will do is assess your current financial situation, administer a “means” test, and then determine if you qualify to file either Chapter 7 or Chapter 13 bankruptcy. Your bankruptcy lawyer will then handle all of the filings and litigation associated with your case. Not all bankruptcy attorneys work exclusively in debt resolution, but we do, and we stand ready to work with you. Give us a call to schedule an appointment with our bankruptcy lawyer today.