It’s very easy to become competitive. If you happen to have friends or neighbors that like to brag about their yearly vacations, their new state of the art audio system, or their lavish wedding, you may be tempted to try and live up to this standard. Attempting to outdo or present yourself in a light that you can’t really afford could result in having to declare bankruptcy. It’s not easy to maintain a secure financial life, but if you can understand the reasons why you should live your life your way instead of trying to live up to others, you’ll begin to understand the importance of living a secure financial life and reducing the odds of a bankruptcy.
For starters, large purchases can actually have a negative effect if you can’t really afford it. If you buy a new vehicle, will you enjoy driving it or will you remain constantly worried that something might happen to it that you won’t be able to afford? Will you be able to enjoy that huge vacation you took when you’re trying to figure out how to pay the credit card bill? Living within your means can give you a tremendous peace of mind.
Remember that it’s always crucial to have wiggle room in your budget in the event of unforeseen circumstances. Appliances do break down, health emergencies can happen, and not having the money to take care of these things will only cause more stress.
Always keep in mind that the grass is not always greener on the other side. All those expensive items your friends or neighbors have could mean that they’re secretly struggling with debt or they may be having to make cuts in other important areas of their life just to maintain appearances or stay afloat.
These financial tips are provided to you by Fort Lauderdale bankruptcy attorney Bigge & Rodriguez, P.A. If you need a Fort Lauderdale bankruptcy lawyer or have questions about Chapter 7 or 13 bankruptcy, call 954.400.7322 to speak with us. We also specialize in foreclosure defense.