If 2019 presented you with many challenges, you may be happy to see it go. The end of one year often provides promises for better opportunities in the coming year. However, if you are bringing a mountain of debt with you into 2020, you are probably not too optimistic that your situation will improve just because you turn the page on the calendar.
Perhaps you are like many in Texas who make resolutions at the beginning of each new year. Resolutions for getting control of your finances may be on your list again this year. You may already know that it won’t be easy, but there are steps you can take to get yourself on the right track.
Will these steps help?
Your first step in taking stock of your financial habits is evaluating how you spend your money. Is it time to make some tough choices, such as giving up habits that are not only bad for your budget but may also be bad for your health? You may realize that if you smoke cigarettes, drink alcohol or regularly eat fast food, you are wasting money and likely damaging your health. Consider giving up these unhealthy habits in the new year, and you may be surprised how much better you feel.
You may notice other areas where you could make changes, including:
- Do you subscribe to magazines, dine out or buy clothes when your closets are full?
- Could you organize your schedule so that you can prepare meals at home instead of spending money unnecessarily by eating out?
- Are you renting a storage space to keep items you no longer use that you may be able to sell to make some money?
- Can you manage a part-time job, freelance work or contract position to earn additional income?
- Is it time to ask your boss for a raise?
Of course it is possible that you have tried many of these suggestions but are still struggling to get out from under crushing debt. Perhaps you are wondering if bankruptcy is appropriate for your situation. Meeting with a Texas bankruptcy attorney can provide you with the answers to your questions and may help alleviate any fears or concerns you have about taking this step. You may find that using this method of debt relief allows you to look toward 2020 with optimism and hope.