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Life After Chapter 7 Bankruptcy - How to Improve Your Spending with a Budget

Updated on October 10, 2013

Exam Household Budget Planner

 
wkly
mthly
Entertainment
$25
$100
Retirement
$50
$200
Savings
$ 40
$160

Financial Budget Planner To Recreate Your Life

What happens after bankruptcy? What happens after your chapter 7 discharge? You don't want to end up in the same situation from misuse of money and job loss. A budgeting plan seems to be the only thing that can prevent future financial problems or allow you a cushion while you get your affairs together in the case of job loss or medical leave.

Statistics show that at least 83% women are responsible for the financial decisions in the household and the majority of them have not put a budgeting plan in order.No matter the income, a monthly budget plan keep you out of financial trouble and give you a bright future .

Personal Budget Planner

A budget is a spending plan where a specific amount of money is set for a certain period. A budget will allow you to spend a certain amount of money, and when the money is gone there is no more spending in this area until the next month allowance. For instance, you will not spend money on dinner and a movie if you only have $5 left in your entertainment allowance.

  • personal budgeting plans
  • weekly budgeting plans
  • monthly budgeting plans.

How To Create a Budget

You can create a budget on a notebook, spreadsheet, or online tool. I will list some budget planning resources at the end of this hub where you can print out your own personal budget template.

You will list your weekly and monthly expenses and make a budget plan according to your income. It is wise to bring your own personal budget planner with you daily to keep on top of your spending.

Budgeting involves three steps:

1) Setting goals

2) Assessing your financial situation

3) Managing your resources.

A can of soda or coffee daily can add up quick and exceed your budget. Deciding to make your own morning coffee and buy your coffee cup can save you hundreds by the end of the year. With a budget plan you will be surprised how much you really spend every week and love the money you have saved up.

Your monthly planner should include all bills and expenses with savings.It is important to include entertainment and put gift giving on the budget plan as well. You will be surprised how birthday and other congratulatory gifts can cut deep into our monthly income.

How Can I Save Money?

saving money is very important in a budget. You will want to save money where you can in order to life as normally as you once did.

  • Cut coupons
  • Turn off electric items not in use.
  • Eat at home.
  • Make your own coffee.

Making a monthly budget planner and being money conscious can turn your life from a mystery novel into a precision time piece. If you stay on track with your budget you will receive remarkable rewards. It doesn't matter how much money you make, it matters how much you keep. You can change your life after Chapter 7 Bankruptcy with a Budget Plan.

Don't Cheat Yourself!!


A budget is a must for all income brackets. there are people working for fast food restaurants with a budget plan, with a strong retirement plan and savings and those with bachelor degrees about to live on a couch with only a month of earning or less saved.

A big mistake is quitting your budget plan after a few months. You have to understand that you have to run your life like a business. If every business when into the register and used money not dedicated to specific purposes, legal actions would have to be taken. Get your budget started and do not waver. You deserve to experience how great it could be to be in control of your finances and your future.

Relevant Hubs

5 Great Reasons For Filing Chapter 7 Bankruptcy

Chapter 7 Bankruptcy - 3 Important Steps to Rebuilding Credit

Budgeting Resources

Free Personal Budget Plan Template you can download from Microsoft.

My Money is a government website dedicated to teaches every American the basics of financial education.

My Money For Youth teaches our children through games and activities how to save and budget.

Practical Money Skills for the whole family. This is your one stop to financial education.



Comments

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    • Elearn4Life profile imageAUTHOR

      Darlene Matthews 

      4 years ago

      Thanks for the vote @ LondonLady Great suggestions!

    • Londonlady profile image

      Laura Writes 

      4 years ago

      This is a good hub to get someone started on their way. What I would do though, is next to each link you provided at the bottom, put a brief blurb describing what you are linking to and how it can help readers continue their research.

      If you have any related hubs, link those too!

      Voted up!

    • Elearn4Life profile imageAUTHOR

      Darlene Matthews 

      4 years ago

      Good Point MsDora! No credit cards are good. You may think that you are safe with a secured card by the bank, but they can not be discharged and can cause bank fees.

    • MsDora profile image

      Dora Weithers 

      4 years ago from The Caribbean

      Good ideas. There also should be not be any credit cards to lean on when the budgeted amount runs out.

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