Staying Away From Bankruptcy — The Smart Way
Personal finance is something not all of us are comfortable with. Most Americans are a pampered lot and are very used to the easy and unlimited access to credit. So asking an American to control his/ her expenditure is like asking a toddler to give away his only Popsicle. That’s just not possible you see. I know that wasn’t too funny or fair. But let’s be honest — how many of us have seriously budgeted our income and expenditure and provided for some savings? Why the silence?
So you see, I wasn’t too far from the truth after all. Anyways, since personal finance is such a tedious chore, things tend to snowball out of control. When you are in college, you think you’ll take that student loan, and then once you have a job, you’ll get your finances on track. Then you get married and then come the children… all along, your finances are waiting for you to straighten out the mess. And by the time we get down to checking and budgeting, we realize we are too far-gone and probably our only option is to declare bankruptcy. This way, we can at least save the roof over our heads. But it need not be that way.
According to finance writer Jane Bryant Quinn, the best way to keep your finances under control is — Keep it simple and automate if possible. This includes using services such as online banking and putting in place an automatic savings plan for your retirement. Ensure that you buy financial products directly from companies whenever possible and try to avoid brokers or planners.