Can You Save Money in Chicago or is Bankruptcy an Option?

For people mired in debt, saving money sounds like an impossible goal. But a recent study found that keeping things simple and saving for one specific goal may be effective, reports

As Chicago bankruptcy lawyers reported recently, 1 in 4 consumers don't have any emergency savings and couldn't afford a $1,000 repair in a pinch. While that's not shocking given our current economic climate, it is concerning. What it means is that people are likely living off their credit cards to get by, which is a dangerous situation to be in.
People are hurting financially and while savings may be a great thing to think about, those in debt may not be able to consider it. But imagine if there was a time during which you could store away money in savings, in the stock market or in retirement to plan for the future instead of wondering how to get by today?

That's possible with a Chicago bankruptcy. Through this process, a person's debts can be cleared, which allows them to start fresh and get back on track without the headache of creditors calling and lenders angling for payments.

With the debt gone forever through these consumer protection laws, the person can start over and begin putting away for the future. It can be a freeing experience for those who have lived for years with high interest rates, low credit scores, hidden fees and minimum credit card payments.

According to the news article, a new research paper out of Toronto found that people did better at saving if they had one goal, instead of several goals that may be more difficult to obtain. What researchers found is that when people are told that it is important to save for a number of things -- a new house, car, college fund or other goal -- they try to prioritize which is most important and end up not doing well at putting away for any of them.

But on the other hand, if a person has one goal -- just the new addition to the house or the vacation -- it can be easier to implement it. The researchers found that people from different countries and different walks of life respond similarly to saving money.

An informal poll on the news web site shows that voters were split nearly evenly about how best to save money:

Having one simple goal, like going on vacation -- 33.7%
Having a few goals, like buying a house, sending the kids to college and retiring -- 32.8%
Saving money? That's a pipe dream these days -- 33.5%

Ask yourself where you fit among those three options. If you couldn't consider saving money because you're struggling with debt payments, consider meeting with a Chicago bankruptcy lawyer who can help you determine if you qualify for bankruptcy, what the process is like and how going through it can help your life in the future.

If you need to speak to a Chicago bankruptcy attorney call the DebtStoppers Bankruptcy Law Firm at 800-440-7235 today for a free debt analysis. Call 800-440-7235.

More Blog Entries:

1 out of 4 Chicago Consumers Have No Emergency Savings Plan: August 30, 2011

Additional Resources:

To save money, keep it simple, by Allison Linn

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