Making a Household Budget and Sticking With It

kathryn davisIn order to have a successful Chapter 13 bankruptcy, you must make sure you are on time with your Trustee payments.  If you have a house, you must also make sure you stay current with your mortgage payments.  Of course, life happens, and if you have trouble with making your payments we at Bond & Botes will do everything we can to ensure you will complete your bankruptcy.  However, there are steps you can take to make sure your bankruptcy is successful, and one way is to make a household budget and stick with it.

When setting a budget, you first must figure out how much money you are bringing in, and then figure out your expenses. Some expenses will be fixed, such as your Chapter 13 payment, your cable bill, or your mortgage payment; and some are discretionary, such as eating out or entertainment. Fortunately, when you file a Chapter 13 bankruptcy, you will have already filled out a budget to submit with your petition.  This is a wonderful starting point.  I recommend tracking your spending religiously for several months. Keep track of where every penny goes- it is easy to discount small amounts spent here and there, but those small amounts really add up!  There are several free online tools you can use to do this.  Some of the most popular are Mint and Budget Simple.

After tracking your spending, sit down and take a hard look at where your money is going, then set small goals for yourself to reduce spending, such as cutting $20 a month off your grocery budget, or not spending more than a certain amount a month eating out.  Be sure that you set small, realistic goals. If you try to cut your spending by a very large amount at once, you are just setting yourself up for failure.  Making these small changes here and there will make a huge difference over time!

Bankruptcy is a great opportunity to get your finances back on track and take control of your budget! If you are having financial problems and are ready to get a fresh start, please give one of our offices a call and set up a free consultation with one of our experienced attorneys.

Share This Page

Bond & Botes Law Offices

At Bond & Botes, we now offer full service bankruptcy consultation and filing over the phone or by video from the comfort and safety of your home or office. Please call 1-877-581-3396 or click here to setup your free phone or video consultation.

The lawyers at the Bond & Botes affiliated offices serve clients at offices in Anniston, Birmingham, Mobile, Montgomery, Opelika, Decatur, Huntsville, Florence, Haleyville and Gadsden, Alabama; Vicksburg, Hattiesburg and Jackson, Mississippi. Read our disclaimer here. You can view our Privacy Policy here.

Alabama Offices

Birmingham

2107 5th Avenue North
Age-Herald Building
Birmingham, Alabama 35203
Phone: (205) 802-2200


Shelby County Location
15 Southlake Lane, Ste 140
Birmingham, AL 35244
Phone: (205) 802-2200


Florence Location
121 S. Court Street
Florence, AL 35630
Phone: (256) 760-1010


Huntsville Location
225 Pratt Avenue NE
Huntsville, AL 35801
Phone: (256) 539-9899


Montgomery Location
311 Catoma Street
Montgomery, AL 36104
Phone: (334) 264-3363


Decatur Location
605 Bank Street
Decatur, AL 35601
Phone: (256) 355-2447


Haleyville Location
914 19th St.
Haleyville, AL 35565
Phone: (205) 486-3580


Gadsden Location
430-B Chestnut Street
Gadsden, AL 35901
Phone: (256) 485-0195


Opelika Location
216 South 8th Street
Opelika 36801
Phone: (334) 887-7666


Anniston Location
1302 Noble St #2C
Anniston, AL 36201
Phone: (256) 344-3559


Cullman Location
200 Second Avenue SW
Cullman, AL 35055
Phone: (256) 739-9866


Mississippi Offices

Jackson Location
5760 I-55 North, Ste 100
Jackson, MS 39211
Phone: (601) 353-5000


Hattiesburg Location
607 Corinne St, Ste B8
Hattiesburg, MS 39401
Phone: (601) 264-7200


Vicksburg Location
1212 Farmer Street
Vicksburg, MS 39180
Phone: (601) 353-5000

© 2024 by Bond & Botes Law Offices. All rights reserved. Disclaimer | Privacy Policy