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Learning how to economize after filing for bankruptcy

Perhaps filing bankruptcy became the wisest course of action following your divorce. With credit card bills, leftover medical debt and only one income instead of two, making ends meet was difficult.

Looking ahead, one of the main post-bankruptcy challenges you face is learning how to save money. To help you get started, here are a few suggestions on how to economize.

Save on necessities

You have to eat, but a trip to the grocery store can be a challenge. A grocery store not only has items you need such as eggs, milk and butter, but also hundreds of things you can do without, like cheesecake and ice cream. To save money, always go with a list of essential grocery items and do not deviate from that list. Also, buy store-brand items, which are always much cheaper than major brands.

On the home front, save on electricity by turning off lights that are not in use, unplugging chargers and using LED lighting where possible rather than incandescent bulbs. If you have a gym or fitness club membership, consider giving it up. Staying in shape is a worthwhile pursuit, but you can stay fit by walking or jogging and doing push-ups, sit-ups or yoga at home along with other no-cost forms of exercise.

Learn to do without

Think about eliminating little luxuries from your life. Instead of spending money on designer cups of coffee, brew a pot at home. Instead of subscribing to commercial-free radio, give up that subscription and tune in to the free stations available on your car radio.

When it comes to cellphones, you long to buy the very latest iPhone, but this is an example of the kind of luxury you can do without. There are less expensive alternatives including prepaid phones.

Take stock

When you boil it all down, saving money begins with need versus want. You need essentials like food, clothing and shelter, but there are countless other items you want that are not necessary for your well-being. Learning to economize after filing for bankruptcy will help you form good lifelong habits, maintain a healthy financial life and make you proud of yourself.

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The Law Offices of W. Robert Montgomery

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Lakewood, CO 80228

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The Law Offices of W. Robert Montgomery is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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