Free Consultation

Call us right now. Or let us Call You!

(317) 769-2244
Fields marked with an * are required

Transitioning to a Summer Budget

Summer Budget

Transitioning to a summer budget can be a powerful way to save money and reduce expenses. As summer approaches, the warmer season offers a unique opportunity to revamp your financial life to make it much easier. You can easily transition to a summer budget with three easy steps.

Step One: Mark All Places Where You Can Save Money

Transitioning to a summer budget can be all the sweeter if you can find ways to live more affordably. Mark all the places where you can save money before you even get started. Beyond the normal savings points, summer offers unique opportunities to reduce expenses. Unless you live in hotter climates, utility costs can be drastically reduced due to the better weather. Make commitments on reducing utilities during the better seasons in order to save money. Also, entertainment costs can usually be reduced with a variety of outdoor activities. As you approach the summer, it is a great time to budget as the rest of the year approaches. Find ways to save in order to open up opportunities during the rest of the year such as investments or even taking vacations.

Step Two: Create Your Summer Budget

After marking places where you can save money, making your summer budget should be much easier. Write your income and expenses amounts on two columns. Make sure to be very realistic: do not exaggerate your income or understate your expenses. A budget is only effective if it can actually be followed. When your budget is complete, make sure to post it in an area that is easily viewable. Your summer budget should try to leave over as much money as possible as disposable income. This “leftover” money should be saved each month religiously as you make plans on how you will eventually invest it.

Step Three: Put Your Budget into Action

The final step in transitioning to your summer budget is to put it into action. Your budget is only effective if it actually reviewed and followed. Commit to following each budget item, not over-spending on any particular item. After the first couple of months, look into your payment totals and compare them with your budgeted amount. This review will allow you both to analyze whether your budget was actually followed. It will also reveal if corrections should be applied to any particular category. Following a summer budget is not burdensome. It can even be enjoyable. Knowing that you are enjoying life while keeping close track of your money can be a very rewarding feeling. The things that make life the most enjoyable in the summer are usually not related to how much money is required to make them happen. A summer budget can help you recapture the enjoyment of summer that cannot be bought with money.

More Indiana Bankruptcy Blogs

Bankruptcy Attorney Mailers

Indianapolis Bankruptcy Attorney John Bymaster discusses Bankruptcy mailers or flyers

Overloaded by Mail Flyers for Bankruptcy

Bankruptcy attorney mailers have become increasingly popular in the last couple of years. You may find 4-5 or more of these mail flyers in your mailbox within a week of a creditor filing a lawsuit against you. Can you trust these bankruptcy mail flyers? Should you just choose between which mailer’s office looks best if you are filing for bankruptcy? Choosing between bankruptcy mail flyers may be a very bad idea. Let me explain.

Bankruptcy Mailers and Flyers Rarely Reveals the True Qualities of the Law Office

If you need to file bankruptcy, you should do what is best for YOU. Bankruptcy mailers are only advertising material. The flyers rarely reveal the true qualities of the law office. These mailers are designed for one main purpose: getting you into the office. The flyer will be designed to capture your interest in any way possible. They also will make claims frequently that sound better than what the office is really offering. Do not trust the low-cost or $0 down bankruptcy claims: they are usually misleading or exaggerated. You may actually be led to going to the most expensive office in town! These mail flyers are also unreliable for revealing the true character, reputation, and experience of the law office.

Some bankruptcy mail flyers will be more accurate than others about what is truly being offered. You will not, however, be able to verify the claims only by the mailer. Remember, ALL bankruptcy offices need new clients to stay in business. The full gambit of offices could be sending you a mailer. These bankruptcy offices will likely range from the affordable to the most expensive, the friendly to the cold, and the experienced to the newly opened office.

Do Your Research: Better Options Are Likely Available than Your Mailers

For the most part, you will do much better with some quick research than just choosing a mailer option. Using the internet is one of the best ways to make your decision. Look at the disclosures (or lack thereof) of the bankruptcy office’s fees. If the website is not upfront or sounds too good to be true, it may also be an inaccurate presentation similar to the mailer. Use common sense. If the website is helpful and inviting, you may likely find the office to be similar once you attend the consultation. When you find a place that meets your standards or looks genuinely desirable, give that office a call or do more research. You can usually get the feel of the place over the phone and also ask for more information.

Another good source better than bankruptcy flyers are reviews and referrals. You may be surprised: ask your friends and family who to call. They will probably know somebody who can help you. They may have had a good personal experience themselves. In addition, it is common to find online reviews for most services. Although these reviews are not always accurate, they may also give you a much better feel as to the nature of the office.

Remember the old adage when it comes to bankruptcy flyers, “don’t call us, we’ll call you.” Any sales person that approaches you is likely to not be selling exactly what you are desiring. When people truly want something (including a service), they usually just go searching and then buy it. Do your research. You will likely save money and possibly even prevent a bad experience.

More Indiana Bankruptcy Blogs.

Bymaster Bankruptcy Law Offices offers free consultations.  Call us today  – 317-769-2244.

Paying Your Bills on Time for Millennials

Pay Bills on Time Millennials

Recent studies have indicated that millennials appear to have more difficulty paying their bills on time than previous generations. The reasons for this phenomena are debatable. Here are three tips that can make paying bills on time easier for millennials.

Tip #1: Millennials, Meet Auto-Pay

Auto-pay for bills can be anyone’s friend for building credit and making sure bills are paid on time. Millennials can especially benefit from this because it can be a way to guarantee their payment is consistent and automatic. The upfront time required for setup will be quickly rewarded. Each month a statement will still usually be mailed or emailed to assist in staying responsible by reviewing your account.

Tip #2: Always Monitor Your Accounts

Paying your bills on time for Millennials also requires close supervision of your finances. Millennials are especially notorious for not properly monitoring their bank accounts. Periodic monitoring of banking accounts is a necessity for ensuring that all bills are being properly paid. Make sure to both fully understand your finances and monitor your accounts on at least a weekly or bi-weekly basis. You can even use online interfaces with your bank to check your accounts on an even more frequent basis. Knowing your finances well, including your budget and savings levels will also prevent careless overspending. Do not allow your finances to become so “automatic” that you are you become unaware of your payment situation.

Tip #3: Emulate your Grandparents

Another perfect way for millennials to pay bills on time is to emulate your grandparents. Earlier generations who frequently are now grandparents are even great grandparents) used very simple and reliable ways for budgeting and paying their bills. These simple ways – such as earmarking cash in envelopes -are fundamentally solid and should be emulated. Although it is unlikely that most people would now choose to use cash in envelopes, this system of financial monitoring and attributing of funds is powerful. Such careful monitoring of funds will help dramatically with on-time bill payment. It will also teach the value of money. This can drastically change a person’s financial view and spending habits. Talk to older generations and gather their wisdom for use in your own life.

More Indiana Bankruptcy Blogs

Mother’s Day on a Budget

Mother's Day on a budget

Were you aware that Mother’s Day is one of the largest holidays for spending? Mother’s Day can be a perfect opportunity to express love, but does this love have to be expressed by expensive financial gestures? Mother’s Day on a budget can even be more meaningful. It forces you to approach it with a unique, personal touch.

Mother’s Day on a Budget Must be Personal

If you want to do Mother’s Day on a budget, you have to keep it very “personal.” What I mean is that you and your mother share quite a few memories together. You have to bring out one these memories through your gift.

If your mother always talks about a fond memory, connect your gift to that memory. If she liked a certain flower her aunt used to have, buy the bulbs online and plant them at her house for a surprise. If she used to like to fish at the lake, get her a framed picture from the lake and her type of basic fishing pole. Promise her to take her there when she has time in her schedule. Go for the oldest and most fond of memories. Especially bring up memories that you both shared together.

Mother’s Day on a Budget must Stay Away from the Mainstream

Flowers are nice, but they are expensive and a bad fit. Cards are nice, but they cost money and are rarely personal. Candy or food is always good, but these things can also be expensive and will likely leave no unique memories. Whatever is personal and the opposite of the main-stream is your best option. Do the thing only you would ever think to do.

Mother’s Day on a Budget Requires Creativity

Creativity is not a hard as you may think. Most people never even try. If you are lost, go to a hobby or craft store. You will be surprised how the place will both inspire you and provide the necessary parts for your personal invention. You can keep things very affordable but also make a deep, meaningful impact on your mother’s life. Just sit down somewhere and start brainstorming. Just walk into the craft or hobby store and start putting things together. You all know the saying that “it is the thought that counts.” Your mother will be able to tell you put thought into the gift and will enjoy it better than most other years.

More Indiana Bankruptcy Blogs

Consequences of Long-Term Debt

Long Term Debt Consequences

Most people take mortgages, car loans, and credit cards as a necessary part of modern life. However, these debts usually stick around for the long-term. They are rarely ever resolved or fully paid. The consequences of long-term debt can be very severe.

You Will Pay 3-4 Times More or Greater

The first consequence of long-term debt is that it causes you to pay 3 to 4 times more for the object you are buying or greater. Four instance, take buying a home on a mortgage as an example. A modest home may sell for $100,000. People who pay their home with a 30 year mortgage will frequently pay 3 to 4 times this amount. They could end up paying $400,000 for the same property- sometimes even greater over time.

Imagine the difference of paying cash through careful investment. You could buy four homes for the same price. Then, you could rent out the other three and receive a hefty passive income each month. The consequence of long-term debt is staggering. Over the course of an entire lifetime, you could earn up to $1 million of passive income from the three paid-in-full rental properties.

You Will Never Learn About Finances

Another consequence of long-term debt is that it prevents you from learning about finances. This happens two ways. First, if all of your income is used on your personal expenses, you will never have the ability to learn from investing. The best school for investing is the school of hard knocks. You will never have this opportunity if all of your income is wasted by servicing debt.

The other consequence of long-term debt comes from it creating only “easy,” short-term options with finances. If you always take the easy way of obtaining what you desire through loans, you will never acquire a financial education. You will always take the easy, quick-fix instead of learning how to do things the right way over time.

You Will Never Gain Wealth or Build Net Worth

Another consequence of long-term debt is that it will usually prevent you from becoming wealthy or building a net worth. If your income goes primarily to service debt, you will not be able to save or invest very much money. In fact, you may end up finding yourself going into the negative instead of the positive. If you go to far into the negative, you may end up needing to file for bankruptcy.

More Indiana Bankruptcy Blogs

Call Now Button