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Simplifying Your Wallet

One of the hardest things for many clients to do after their bankruptcy is to start spending money again. The fear of getting right back into debt can fill your head with negative thoughts. After you go through bankruptcy, it is time to clean up the thoughts in your head and the mess in your wallet and start living a life free of burden. Here are a few tips from Liz Pulliam-Weston that could help you get started.

Use direct deposit for your paychecks. Before the days of direct deposit, it was almost like a ritual—leaving at lunch to go cash your paycheck. Now, technology has made our lives safer and more convenient. It is time to jump on the bandwagon and get your checks directly deposited from your employer. It will save you time and the worry of walking around with the money for your house payment, car payment, and food in your wallet.

Consider overdraft protection. Make sure you are getting full overdraft protection from your bank. Many banks offer “courtesy overdraft” or “bounce protection” to every new customer but that protection may come with hidden fees and not offer you all the protection you need. Sure, they may charge a little annual fee, but it will be far less expensive than a series of overdraft fees.

Slim your wallet down. You will most likely not have a lot of open credit cards after bankruptcy but you may still have too many places to keep your money. Do you know the balance in all of your accounts? You can combine your 401ks from previous employers to keep better track of your current plan. If you have more than one checking account, make sure you are using it to help you. It may make it easier for you to pay your bills if you have one account strictly for bills and one for leisure but, if it only confuses you, consider closing one.

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