As debt collection attorneys in Florida, it’s our job to make sure that when a business or individual owes our clients money, it gets paid.

We see many people in harsh financial circumstances that could have been avoided with some advanced planning.

We ran into a great article that discusses spending  and age and things to look out for at various times of our lives, and would like to share that with you.

http://gulfnews.com/gn-focus/personal-loans/spending-tracker-map-your-financial-footprint-1.131495

The article suggest that first, we get control of what our financial house looks like.
Journal 2 months of spending – and break the spending into sections like food, entertainment, housing, etc.
  • Create a list of fixed bills  – things like power, water, rent or mortgage
  • Compare the two lists and determine if your spending habits, match your expense requirements.
  • Create an emergency fund equal to 3 to 6 months of expenses to help you through unexpected events.  Most Americans can’t survive a 2 week interruption in income, every step you take towards 3 to 6 months puts you ahead of the crowd.
  • Your loans should be no more than a third of your income.
  • If you are of child bearing years, make sure your insurance includes maternity.
  • Don’t be afraid of personal loans to help you buy assets the will increase in value, like a home.
  • They suggest debt stacking, make bare minimum payments on all your credit cards, except one – the smallest one.   Pay the smallest one off with as large of payments as you can.  Then go down the stack with the money you saved by paying off the first, tackle the next.
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