4 Tips To Stop impulse spending

 

  1. Keep A list of Things You Need

Get a goal notebook. I find the standard black and white composition notebook works the best for this task. In this notebook, you’ll write a list of goals. Plan for a month. Write about how much you plan to realistically save and how much you plan to cut back on spending. Write how much income your bring home on a weekly basis and how much of that income is allocated to necessities like food and shelter and what you spend impulsively on.  You can even document how much you spent on a daily basis. This helps you keep aligned with your goals on a daily basis. The important thing to remember is to write down your goals because writing down your goals helps embeds them into your deeper mind thus creating a deeper commitment to fulfilling them.

2. Control Where You Shop

It’s much easier to buy impulsively as physical stores. It’s part of scentific marketing actually. Expert store designers/marketers will step up items so that you notice that they are on sale or arrange them in a way that would make you want to buy items you otherwise you didn’t come for the store for. The perfect illustration of this concept is the typical checkout line which is filled with boxes of candies and sodas. They are put that there so you can buy impulsively.  Impulse buying is best avoided by shopping an online stores.

3. Don’t Shop While Emotional

It’s life and sometimes we have stressful days and situations. Some people get an emotional relief and high through shopping. So in order to control those impulses we should avoid shopping and spending money when emotional. Instead develop another habit like taking a short walk, meditating, or drinking water when stressful

4. Put A freeze On Credit Cards. Use Cash Instead.

You may want to consider putting a freeze on all your credit cards to avoid unnecessary spending. When you use cash, you think more carefully about your purchases because it’s your own money you’re using. This technique helps strengthen your money management skills.

 

 

3 simple Steps to Wealth Building With No Money

Number 1 Wealth Building Tip: Learn a Skill or Trade.

 

Get a  skill. Yep that’s right the way you build wealth without money is by learning a skill or trade. When we think of wealth building the first thing we think of is investing in the stock or bond market, building a product based business or buying a house. The problem is that you need money to do all of those things. So how does one build wealth without having money? The answer is by learning a skill or trade. The practice of having a skillset is not new and the service and skill industries has been around since ancient times. You can build a skillset by just learning and practicing. Think of things like baking, sewing, marketing, woodworking,fixing phones, managing, coding, writing.  Think of a skillset you have or want to develop set a time aside each day to practice and get good at it. Your skillset should offer value to the world.

Wealth Building Tip Number 2: Sell Your SkillSet

Once you have your valuable skillset create an offer and a business and target people to market your service to. You can begin by marketing to your friends and family. If there isn’t an immediate need for your skillset or service within your inner circle than start congregating and marketing in places where your target market is. Create enticing offers and you should grow your business fast

 

Wealth Building Step number 2: Save and Invest

Invest and save 10 percent of whatever you make from your service business. Find monthly dividend stocks and set aside a percentage of your earnings to go there. You can invest in high yield savings accounts or you can participate in lending clubs.

Filing Bankruptcy and Keeping Your Home

Image result for bankruptcy homeFiling Bankruptcy and Keeping Your Home

All you need to know about filing bankruptcy and keeping your home

Bankruptcy is a legal term referred to an individual’s status or an organization’s status that declares their inability to repay debts that they own to their creditors. The person in debt files their bankruptcy and if it is approved, the court order imposes the legal status of bankruptcy on them. The modern law looks into the status of the debtor’s financial and organization structure and remodels it in a way that the person in debt doesn’t have to suffer and can rehabilitate and continue their business to reduce the financial distress they are suffering. Authorities look into the entire issue and find the root of the problem in order to prevent from such incidents from happening once again.

Filing bankruptcy and succeeding in it is a tough task and so, people avoid from falling in any situation that will lead to the requirement of filing a bankruptcy. You can avoid bankruptcy by carrying out negotiations with the lenders in order to reduce rents, monthly payments and reduce or freeze interest rates. Although bankruptcy leaves few penalties on your credit report for a few years, it helps to provide you mental and emotional relief and gives you a chance to be free of the debt and continue with your life.

The biggest advantage of filing a bankruptcy is that it automatically forbids creditors and lenders from filing a lawsuit against you, nagging you with calls and emails demanding their money back or from carrying out actions such as giving you eviction notices.

The court checks your income of the previous 6 months and so, if you file a bankruptcy immediately after losing a job, your bankruptcy may not pass depending on your previous income history so you need to properly time when you should file it.

While filing a bankruptcy, many people fear they will not be able to keep their houses after it. This isn’t always the case but sometimes it does happen and so, before filing a bankruptcy you need to know what risks you will be taking. In order to pay off the debt to your creditors, the bankruptcy trustee analyses your properties and sell off excess properties. The court also brings exemption into consideration which means if your given property’s worth is below a specific amount of dollars, you can continue owning it.  In matters of keeping your house, you should go for Chapter 13 type bankruptcy as the exemptions of Chapter 7 are stricter and less flexible comparatively. Thus, your chances at being able to keep your house increase.

If you have or will file for the Chapter 7 bankruptcy, the equity available in your house will play a huge role in the decision of whether the court allows you to keep your house or not. If the equity in your house exceeds the exemption limit, your house will be taken away. Thus, make sure that before you file for bankruptcy, you get rid of excess equities in your house.

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5 reasons why many people go into Bankruptcy

Each year 1.5 million file for bankruptcy. Individuals file for bankruptcy for a variety reasons. This article will cove the 5 most common reasons why people file for bankruptcy. Take note, and watch your finances, perhaps you’ll be able to avoid some of these pitfalls. Follow us on our social media accounts TL Brown Law and TL Brown Law

 

1. Medical Bills.

According to studies over 50 percent of bankruptcy cases are due to medical expenses. In most of these cases most the people had health insurance. So hospital bills are expensive for the insured and uninsured alike.

2. Unemployment, reduced income

The world is changing. Jobs are increasingly becoming more automated and companies have less need to hire humans to do work as they did the in past. All this equals company downsizing and less good paying jobs being avaliable. It’s not uncommon for people to get laid off from decent paying jobs and not being able to find jobs that pay living wage to replace their previous income.

3. Credit Debt

Unexpected bills, illness job loss, car repairs, and emergencies can lead to excessive credit card. Contray to popular credit card debt is not just due to irresponsible and reckless spending. Many people use credit cards to cover unexpected necessities.

 

4. Divorce

Yep Divorce is costly and can be proglonged for years.  Lawyer and court fees add up but it can also mean losing more than half of your assets.

5. Student Loans

We live in a time where college is more expensive than ever before in previous history. Most students have to take out some of loans to cover the expensive of college tution, books, and room and baord. About 15,000 people file bankruptcy due to student loan debt each year.

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