Search Results for: budget

What to Know About Filing for Bankruptcy

April 30, 2021 By Justin Weinger Leave a Comment

Businesses work hard to avoid bankruptcy, but it’s a reality many business owners have to face. If you feel there’s no other route for you but bankruptcy, then pause for a moment. The following are a few things you should know before you file.

Look for Legal Help

The first thing you want to do is find a good lawyer. Many law firms use clever bankruptcy lawyer marketing techniques to generate business, so do your research before deciding who to hire. As they say, “The choice of a lawyer is an important one and should not be based solely on advertisement.” You want someone on your side who understands what your business is going through and understands bankruptcy. You can try to do all of this on your own, but the chances of making errors are high. This is not a time to make mistakes, so just keep that in mind.

Is it Necessary?

Once you’ve hired a lawyer, you can move on to the next step, which is finding out if the filing is even necessary. Your lawyer can look over your situation and see if it’s something you can avoid or something you have to face. A good bankruptcy lawyer might be able to reach out to your creditors and work out a deal on your behalf. The deal might not be great, but it might prevent bankruptcy.

Are You Closing the Business?

A big question you’ll have to answer before you file is if you want to save your business or not. There are a few bankruptcy options, and the way you answer this question determines the options your lawyer presents to you. Decide if there’s a way to dig yourself out of this hole, or are you done with this endeavor? Figure out if the business can still be profitable in the future. Answer these questions honestly before you move on.

Consider the Budget

Filing is expensive, and things get even more costly if you’re thinking of keeping your business going. It’s important to talk candidly with your lawyer about all of your expenses and any immediate financial issues, like if you’re facing foreclosure. The lawyer you hire needs to fit into your budget. If this doesn’t happen, you might deal with more financial stress than needed. The right lawyer should help you work out a plan that’ll benefit everyone.

Accepting Compliance

If you are thinking of keeping your business going, then accept that you won’t have control over your business as you usually would. When you file for bankruptcy, you’re letting the courts control your business. Many of the decisions you could make on your own will have to go through the courts. Some business owners have a hard time accepting this because they’re used to being their own boss, so this feels alien. Be sure you’re ready for a change like this one.

The Privacy Issue

As business owners, you’re entitled to your privacy. That’s no longer the case if you file. The courts, your creditors, and other people can see everything you do. The way you conduct your business, the mistakes you’ve made, and any additional detail in your business dealings will be reviewed by strangers. Sometimes, you’ll be questioned about decisions you made, and that’s going to feel strange. Be sure that you’re ready to go through this.

Now, you have some things to keep in mind as you consider filing for bankruptcy. If you feel confident about this step, then go ahead and take it.

Tips for Avoiding Student Loan Debt

April 28, 2021 By Justin Weinger Leave a Comment

As a college student, there’s very little doubt that you’ll end up with some sort of student debt. While college is a big and exciting step in your life, nothing ruins it faster than graduating only to find you owe years and years of money to student loans.

That’s why it’s so important for students to get a financial education before they even head off to college. As a college student, you should already know how to budget, save money, and know the importance of paying bills on time, every time, to build and maintain your credit. That’s also why you should work hard to avoid student debt as much as possible. In this blog post, you’ll find a few tips for doing just that.

Start Saving in High School

While your parents have probably been saving for quite a bit to help fund your college days, it can’t hurt for you to start saving as well. If you have a part-time job in high school, save part of every paycheck up for your college tuition and the expenses you’ll have there.

If you do get in a fix with your student loans after you graduate, search for debt relief through a strategic debt consulting company as soon as possible, instead of just letting the late fees and interest pile up. Look up local loan places to schedule a meeting or consultation with a professional who can explain all the angles and plans available when it comes to restructuring debt.

Make Good Grades in High School

One way to avoid a ton of student debt is by making good grades all through high school. There are quite a few academic scholarships offered for those who excel in school, and you could get one of them. Of course, there are also athletic and other types of scholarships available to those who qualify.

Fill out the FAFSA

FAFSA stands for a Free Application for Federal Student Aid and it’s just that, free aid. It’s money that you don’t have to pay back, if you qualify for it, and helps with things such as tuition, books, and other school-related stuff. While it may not cover everything, this will cover quite a bit. The rest you can make by working part-time or applying for a very small amount of student aid that will need to be paid back after you graduate.

Live at Home

While many college students don’t want to hear this, sometimes living at home is the best way to avoid student debt. You don’t have to pay for room and board, your parents will feed you, and many times you don’t even have to work until you graduate. Living at home while you go to college is a major money saver.

Stay Away From Credit Cards

Credit card companies often prey on college students knowing that they’ve never had a credit card before and that many don’t understand how they work. It’s best to avoid credit cards while you’re in college, and even when you get out of college if at all possible. The interest rates are high, and once you miss a payment it’s almost impossible to catch up.

Explore All Your Options

While there’s no surefire way to pay for your college out there, there are quite a lot of options to consider. Don’t decide that a student loan and getting into debt is the only way to go until you see what else is available and what you qualify for. From AP classes to scholarships and from financial aid to living at home, there are things you can do, so don’t give up.

These are just a few ways that you can avoid student debt when it’s time for college. Remember, start saving early so you can get the education you deserve without getting into debt you can’t pay off.

Do Fitness and Frugality Go Together?

April 19, 2021 By MelissaB 9 Comments

Maybe it’s just because of the impending spring-like weather, but it seems like I’ve seen a large number of fitness-related posts on many of the personal finance sites that I read. This made me pose the question, do fitness and frugality go together?

Ways Fitness and Frugality Go Together

The answer is complicated. Fitness and frugality can go together. Think about this–by its very definition, frugality is the rationing and careful spending of resources. In being frugal, we carefully budget our money. We carefully check over the fliers and find the best deals on groceries. Eventually, as we continue doing these things, they become second nature. We do them almost without consciously knowing that we are. It becomes a way of life.

Fitness is very much the same.

Ration Resources

In being fit, we ration our resources, eating only what our body needs. This can lead to a slimmer physique and a reduced grocery bill. There are also other ways being fit can help us ration our resources

Not Buying Junk Food

Junk food is expensive, and it also can be a contributing factor for piling on the pounds. If your fit and healthy, you’ll likely buy more natural ingredients like vegetables, fruits, healthy grains, and proteins. These can help you stay fit and lower your grocery bill.

Not Going to Restaurants

Even if you eat what you think is a healthy salad at a restaurant, you’re likely consuming many more calories, fat, and sugar than you think. Plus, restaurant food isn’t cheap! If you eat at home more, you’ll not only save money, but you’ll eat healthier because you know exactly what is going into your meals. As a result, you’ll feel better.

Track Our Progress

We frugal people keep close track of how we are spending our resources and are constantly trying to find ways to improve our outcomes.

This skill can easily translate to fitness. We can keep track of our fitness progress while also trying to run a faster mile, bench press more, and do more sit-ups and pull-ups. This drive can make us fitter over the years.

Lower Medical Costs

People who are frugal are patient. They’re used to waiting for a good deal. They’re used to waiting to see their retirement grow, knowing that each bit they invest will help secure their future.

Likewise, in fitness, each exercise you do and each healthy food you eat helps future you by reducing your long-term medical costs. Ideally, the more fit you are, the less you need to spend on medical bills in the future.

Final Thoughts

Fitness can be expensive if you let it. You can pay for a monthly gym pass. You can buy the latest exercise equipment. But you don’t have to.

If you are frugal, you can find ways to save money while getting fit and improving your lifestyle. Simply improve your diet and find frugal ways to exercise like walking, biking, running, or lifting weights at home.

Frugality Will Change You

Creating a Simple Budget the Beating Broke Way

The Debt-Free Treadmill

Incidentally, if you want an example of a truly frugal person, check out Cleverdude.com’s article on if it’s cheaper to fill your own balloons. Most people would just go and buy the balloons if they were throwing a party, but this guy ran the numbers to see if DIY was better. Which is super frugal in an awesome sort of way.