Chicago Residents Can Build Cash Cushion By Making Saving An Obligation
"Sure, I'll start investing for the future - in a couple years, when I'm making more money." Sound familiar?
It's a common excuse. We've all got credit card bills, a rent or mortgage payment to manage and gas and groceries to buy, so it's easy to put off starting a savings plan until we get a little more financial breathing room. But here's the problem, say Chicago bankruptcy attorneys. When we finally do get that raise, we find new reasons to spend money - gas goes up, our credit card debt increases and somehow that breathing room never materializes.
So what's the solution? Instead of looking at saving as something you'll get to after the bills are paid, look at it as just another bill - a bill that pays off.
Saving is easy to put off when you have to squeeze it in between your bills each month. But by making the process automatic - as if it were one of the bills - you won't have any more excuses. That's because you won't even have to think about it.
Simply figure out how much you'd like to save in a year and divide it by 12. Each month, have that amount automatically transferred to your bank. Or have some automatically invested in your employer's 401k. Or put some automatically into your brokerage account.
Not sure what to do with your nest egg? Just transfer it into a savings account for now. It's a smart idea to save up several months' income in an easily-accessible account - like a savings account - for emergencies anyway. The point is just to get moving - to make saving a habit.
The best - and most realistic - financial plan is the one you don't have to think about. With the right moves, you can make it happen. On the other hand, if you can't afford the real bills you have - let alone adding another payment to yourself each month - it's high time you dealt with your debt. Bankruptcy can be the most effective way to do it. By eliminating debt, you'll lower your balance and interest, freeing up more of your paycheck for you.
Find out if bankruptcy can make your financial future automatic when you sign up for a free one-on-one debt analysis with a Chicago bankruptcy attorney.