We’ve written a series of blog posts answering common questions regarding financial planning and bankruptcy. Call (262) 827-0375

Simplifying Your Budget

It’s not unusual to want to keep a better eye on your spending. Sometimes, sticking to a budget in Milwaukee can be difficult, and setting one can be even worse. The bankruptcy specialists at Burr Law Office LLC are committed to helping you live a financially sound life with a great future, free of debt. Here are a few tips to help you get started making a budget.

Determining the best medium for you

The first step in setting up a budget is figuring out how you’re going to keep track of things. Prefer to do things the old-school, pen and paper way? Great. Have a computer and want to do it digitally? Excellent. Have access to software that can help? Phenomenal. We recommend using a digital tool, as you’ll be less likely to make mistakes when it comes to tracking. Even if it’s just a spreadsheet, keeping track of all spending will help your mind and finances stay organized.

Track anything and everything

While you may not feel it’s necessary to record the $1.25 type purchases you make here and there, those can often be more important than larger purchases. These types of purchases don’t require as much thought and, without realizing it, can quickly add up to a large chunk of money. It’s important to track ALL of your expenses, from your mortgage payment to chewing gum. It’s also crucial to give yourself precise descriptions for purchases so you remember exactly what it was if you need to look back in the future.

Diligence is key

It may seem like a nuisance, but updating your budget daily will take you less time in the long run. If you put it off, you’ll spend more time trying to decipher and remember purchases.

Keep an eye out for more tips coming soon from our experts on how to establish a budget in Milwaukee. Contact Burr Law Office LLC for help getting yourself back on track.

Dealing with Post-Holiday Expenses

Now that all of the holidays are over and the dust has settled, it’s time to start dealing with the bills and expenses that go along with them. For some, this can be quite the chore. Our Milwaukee bankruptcy experts are here to offer you a bit of advice to help ease the pain and get you through the post-holiday stress.

Avoiding it won’t make it go away

Unfortunately, setting your bills aside and ignoring them won’t make them go away. You should open them as soon as you get them and make a plan of action. What is the minimum amount due? In looking at your budget, if not the entire bill, how much in excess of the minimum payment can you afford to pay this month? After determining the amount, pay it.

Adjust your budget

If you find yourself spending unnecessary money, try tightening up your budget. Things like buying a $3+ cup of coffee every morning or going out to lunch every day during work can add up. Though it takes extra time, making these things at home will help save you a ton of money.

Take inventory of your home

Look around at the things in your home that you aren’t using – furniture, clothes, etc. Do you have things you aren’t using that you could sell for some extra money? Not only will it help you get a jump start on spring cleaning, it will be a weight off your shoulders to have the unused items cleared out.

If you’ve found yourself in a financial situation you are having troubles getting out of, contact the Burr Law Office. We will set up a free consultation to help determine what the logical next steps are.