Tag: budget

Posted on

Bankruptcy during COVID-19

Many people are struggling right now with decreased income, but they have the same bills (maybe even more!) since before COVID-19 started. Some are wondering can they still file bankruptcy. The answer is YES! You are still able to file bankruptcy under these conditions, and we are happy to help you navigate this new world. We can meet with you in person, talk over the phone, or even by video conference for an initial discussion on your options and how to reach your goals.

Many people do everything they can to avoid filing bankruptcy, so by the time we talk to them they are ready to file immediately. Other times, people know a change is coming and want to start planning the next right step.

For so many people right now in Tennessee, the end of July will also bring the end of the Federal Pandemic Unemployment Assistance payments. That is $600 per week that many people will no longer receive. We can start planning now to determine what the next right step is. We do not have to wait until that income stops coming in.

For others, pay cuts are still happening. Layoffs are still newly announced every week. So for people who are living paycheck to paycheck, the time to start planning may be before you actually get the call that your pay has been cut or you’ve been part of the latest rounds of layoffs. You don’t have to wait to start planning.

For some people, we are even able to say that bankruptcy isn’t the best option, and perhaps other options might be good to try first.

Either way, we are happy to discuss your goals and see how we might be able to help. Just give us a call at 731-424-3315 and we will find a time convenient for you to discuss everything and ask all the questions you have so you can make the most informed decision. I look forward to seeing you soon!

Posted on

Tips to make it through temporary unemployment

Many people face it every day — temporary unemployment. Luckily, we have many factories and corporations who can tell their employees in advance that they will not be working on a certain week, or for a certain month, or something similar so people have time to plan. Many of our clients ask what they can do during this time to make things less stressful. Here are a few things you can try:
•First, see if you are eligible for partial unemployment for the time that you are laid off. You’ll want to start looking into this as soon as you know a layoff is coming so that it is effective as soon as possible.
•Second, enroll with one or more temporary agencies. It may sound off the wall, but sometimes employers need a temporary employee (often called “a temp”) for one or two days, or for a week, or other various times. You can tell the temp agency when you will be available and they will try to match you up with a company that needs a temp worker. Some people even enroll with multiple temp agencies because each agency works with different potential employers. Some of these temp positions might even work into a regular full time position if you are looking for a change!
•Third, it’s always wise to have an emergency fund ready for these types of situations. You’ve heard us talk over and over about emergency funds, and this is one of the many reasons why. Even if you can only save $10 per paycheck, do it! You’ll be really happy you did when you need it!

Do you have other ways you’ve made it through similar tough times? Let us know and we’ll add them to our list to share with everyone.

If you aren’t already in a bankruptcy case and you’ve tried all the options and it’s still not enough, maybe it’s time to consider what a bankruptcy case can do for you. If you’ve been sued or someone says they are going to take you to court, we probably need to do something quickly. Give me a call and we’ll work through it together!

Posted on

New App to help with Budgeting

As you know, we use Dave Ramsey’s company to provide our clients with their Debtor Education requirements. Dave’s company has a new app we thought our clients might be interested in. It’s a free app that helps you with your monthly budgeting. It’s called Every Dollar. You can find it at www.everydollar.com, or in the iTunes app store. They are working on the Android and mobile versions. The basic one is free, and there are, as with any app, upgrades you’d have to pay for. They also have a “suggest a feature” link where you can send them features you’d like to see included. If you check it out, let us know what you think!

Posted on

What can you do to save money on your regular expenses?

One of the questions many of my bankruptcy clients ask is “What can I do to save money on a daily basis?” While there are lots of things to consider to lower your expenses, some things are more practical than others. Here is a list of things I have seen work, and that I use myself:

For everyday items like groceries and household goods:
• Wal-Mart will match advertised prices of their competitors in the store. They also have a method where you enter your receipt number online, or scan with their app, and they will check competitors’ prices for you. If they find a lower price they issue you an e-credit which you can redeem in store.
• Target will match in-store a price from their website. This is only done at the service desk. They also have an app called cartwheel that is essentially like digital coupons. They also have coupons on their website. Also check allthingstarget.com for weekly ad and coupon matchups to help you save money on things you need.
• Kroger has digital coupons and an app to add the coupons to your Kroger card while you are in the store if needed. You can also see what coupons you have while you are in the store.
• Always shop sale ads and coupons. Match up what you can. Don’t buy things you don’t need. Don’t “extreme coupon.” Everything expires, and you likely aren’t going to use 100 boxes of cereal before they expire.

For online purchases:
• ALWAYS check for a promo code before submitting your order. Retailmenot.com is a very good source of coupons and promo codes both online and instore. They have a free app.
• Go through sites like Ebates.com. You get cash back when you go through Ebates.com, and they usually have a good list of promo codes as well. Here is a referral link to their site.

For bigger purchases:
• Don’t buy big on impulse. Just about everything will go on sale! Know the seasonal sales cycles. A simple Google search will help you find websites that list seasonal sales cycles.
• Shop around and price compare for big purchases.

General shopping tips:

• Make sure you know want you need versus what you want. Wants may have to wait. Make sure your needs are covered first.
• Check websites that list savings, sales, etc. One such website for baby/child savings is www.babycheapskate.com.
• Budget! Know where ALL of your money is going. And include in your budget your emergency fund savings.
• Get a savings account to create an emergency fund. No emergency is cheap, and new loans will be expensive. See if you can automatically transfer money per paycheck after it’s deposited into checking. Also see if your employer who already direct deposits will split your deposit between checking and savings.
• Teach your kids about money. I’ve heard more than once “why did my parents not tell me this?!” I have no answer for them other than they can now teach their own children about it once they get a handle on the situation.

Do you have other gold nuggets of how to save money? Let me know and I’ll add them to this post!