Chicago Bankruptcy Lawyers Help You Hold On To Savings
When the stock market took a dive last year, so did most retirement funds. But it's not just Wall Street doing damage to our savings - it's our own impatience. Since the recession began, people have been pulling the plug on their retirement money, cashing out to pay for present-day expenses like bills and groceries.
Even I'm not immune to stealing from my own piggy bank. When I changed jobs a while back, I cashed out the earnings from my profit-sharing plan with the full intention of re-investing them. That didn't exactly happen. I learned a valuable lesson: if you have money in your primary account, you will spend it. Gas prices were going up and it was pretty convenient to have that extra cash cushion. But the problem is that, now, it's gone for good.
Saving is about balance. You forgo a little comfort today to ensure that you'll be able to live comfortably in the future. At the same time, you need to be able to survive financially in the present. If you're thinking about cashing out your hard-earned savings early, ask yourself why. Chances are it's your debt that's preventing you from getting by on your current income. If you could pay off that burden, not only will you be able to cover the bills without dipping into your savings, but you'll have a lot easier time contributing to your nest egg.
A little budgeting can help you find the money to do it. Start by scouting out places you can cut back. Can you turn the air conditioner down a few degrees this summer? How about buy the store brand cereal (which usually costs half as much, but tastes about the same)? Or maybe rent movies from the library for free instead of going to the theater or paying for rentals? For more ideas, check out the "Give Yourself a Raise" flyer in our free Financial Toolkit.
But what if you've already cut back on expenses and find you just can't squeeze out another dime? Don't worry; you're not out of the game. You just need a new strategy. Take bankruptcy, for instance. When you file, you'll be legally protected against creditor actions like foreclosure as you develop and begin a payment plan that suits your current situation. Not sure if bankruptcy is right for you? An expert - such as one of our professional bankruptcy attorneys in Chicago or Atlanta - can answer your questions. Visit our website or sign up for our free one-on-one debt analysis. There's no better way to free up your future than by freeing up your finances.