Bankruptcy Lawyer | Budgeting Tips For Students
Bankruptcy Lawyer | For post-secondary students who are trying to budget with a lump sum of money, the holding account method is usually the easiest. With loan, grant, bursary, scholarship or money saved up from working over the summer, it can be much too easy to spend it all at once. By using a holding account and taking a “pay cheque” out every two weeks, it’s much easier to make the money last as long as it needs to.
Use Two Budgets: One for Good Times & Another for Leaner Times
A third way to deal with irregular income is to have two budgets, one for the better months and one for the leaner months. For most people, this is the hardest way to manage their money effectively because it’s easy to get into a spending habit during the better months and then feel deprived during the leaner months.
With two budgets, some people are tempted to spend because they expect to have money again in the better months ahead. They rely on credit to supplement their leaner times, which results in a cycle of debt and spending habits that becomes expensive and difficult to break.
The Bottom Line with a Personal Budget When Income is Irregular
A personal budget allows you to focus on what you can do rather than on what you can’t, even if you have irregular income. Taking the time to create a realistic budget makes it easier to manage your money so that you can focus on spending time and energy on what’s important to you. –MyMoneyCoach
Mr. Gardner’s law office is located at 1925 G Street #100 in Bakersfield, CA
Our office can assist you in determining whether bankruptcy is the right choice for you, and which chapter under the Bankruptcy Code would provide you with the most relief. To schedule a free consultation with a knowledgeable Bakersfield bankruptcy lawyer about filing a Chapter 7 bankruptcy in Kern County, please call our office today at 661-888-4335 .