Spring cleaning often means getting rid of things in your home that you no longer need. The process can also include making sure your finances are in order. Use the time during spring cleaning your home to examine your budget, how much money you bring into your home, and how much money you’re spending on things that you can change so that you save money.
Assess Your Debt
Look at the amount of debt that you owe as well as the interest that you’re paying to creditors and general companies. You might need to make a few changes, but you can often get your interest rates lowered so that your monthly payment isn’t as high. An option would be to refinance your home or transfer your credit card debts to other cards so that you only have one monthly payment.
Clear Out Your Debts
When you begin clearing away debts that you have, start with the smaller ones. These will be the easiest and the fastest to get rid of and can give you the motivation that you need to continue getting rid of more substantial debts. Think about the budget that you have and how much money you have to spend on food, your house payment, a car payment, and other monthly bills. If you want to make changes in who stays at home with your children or if you want to go back to school, then you need to determine if these changes would suit your budget.
Gather Your Rewards
Look at all of the rewards points that you have on your cards. You might have free travel miles or free points for gas that you are unaware of that can be used to save you money. You should also look at the programs and services that you have that require a fee. Consider switching to a free membership or one that is a lower price.
Check Your Credit Report
Examine your credit report to make sure there are no odd businesses or amounts listed. If there are charges that don’t seem right, don’t be afraid to send a message to the creditor. Mostly, it’s important to check your credit score at least once a year to make sure everything is on track. Most banks will give you’re your credit score for free, if you ask. Having good credit for the future is essential. It will lead you to cards with higher limits and better rewards, better chances of renting apartments and securing loans, and may even come up if you’re applying for specific jobs.
Call a Louisiana Bankruptcy Lawyer
Keeping track of your finances is the best way to avoid future financial hardship. If you’re already in debt, the best thing you can do is call a bankruptcy attorney. They have the know-how to help you with your case. At E. Orum Young, our lawyers have helped clients resolve their financial struggles for over 35 years and have conducted the most bankruptcies in Northeast Louisiana. Call 318-450-3192, or fill out our contact form for a free consultation.