Money Stand

How Not To Go Bankrupt

January 25, 2010

One alternatively to being bankrupt is not to be in debt in the first place. That’s easy for me to say, since I have this knowledge first hand. There’s so many simple rules that you can live by to ensure this never happens and I will try to outline the lessons that I have learned herewith.

Make a budget; you can never underestimate how much this saves you, work out your monthly incomings and outgoings. If you want to be really thorough keep a diary of all your spending over a month. Cut out all the unnecessary things, cut out the things you can live without and shop around for anything at all you can find cheaper. Every penny helps.

Secondly, cut out the vices in your life, drink, fags, gambling, woman or whatever is your passion for spending too much money unnecessarily. Lastly, don’t buy things that you don’t need, it sounds easy but it isn’t, impulse buying was always a weakness for me and its easy to bang it on a bit plastic and worry about it later. Avoid the worrying about it later part.

Filed under: Bankruptcy