7 TIPS FOR STAYING OUT OF DEBTLive by these rules if you don’t want to be ruled by debt!

1. DON’T SPEND MORE THAN YOU EARN. Learn how to live within (and even below) your means.

The quickest way to fall into debt is to use credit cards and to spend money you don’t have. The sooner you learn how to stay within a budget, the better off your wallet will be.

2. STOP EXPENSIVE INDULGENCES. What little treats do you indulge on once (or twice, or

three times) a week? Is it coffee, fancy desserts, or books? Whatever it is, stop. You can save so much money by giving up expensive little habits. ONCE in a while, it’s ok to indulge, but not twice a week.

3. MAKE YOUR USED CAR LAST LONGER. The longer you hold onto your used car, the lower your

transportation costs will be. Remember that having the fanciest car on the block will only drive you (no pun intended) further into debt.

4. WAIT FOR A SALE.

If there’s a clothing item or a pair of shoes that you’re dying to have but can’t afford, be patient. Chances are it will go on sale in a week or two. Waiting for something to go on sale will help you practice patience and thriftiness, and you’ll be proud of yourself, too!

5. TRACK YOUR SPENDING. When you track your

spending, you open your own eyes to what’s being spent on needs vs. wants. Always spend money on your needs first. If you have money left over, use that money wisely.

Are there other expenses you’re not thinking about? Are you building up your savings? Ask yourself these questions before making a trip to the mall.

6. SHOP FOR INSURANCE.

You may be paying more for your insurance than you need to. Gather all your policies and shop around for the same coverage at difference companies. If you have a clean driving record, see if you can find discounts. A lower monthly insurance bill can save you quite a bit.

7. MAKE SAVING A PRIORITY.

As soon as you get your paycheck, put at least 10 percent of it into savings. Set up an automatic transfer from your checking to your savings so that you don’t miss what you never had. Building up your savings account will give you the financial cushion you need for emergencies.

WHY STAY OUT OF DEBT?

Once you get into debt, it’s very hard to get out of debt, especially if you don’t make enough money to pay it off. Staying out of debt will keep you feeling financially secure and free. It will also keep you from having to file for bankruptcy.

When you file for bankruptcy, you make it a legal status that you cannot repay the debts you owe to your creditors, as you will read in any bankruptcy book. All of your assets will then be measured and evaluated to see if they can be used to repay a portion of your outstanding debt.

HIRE A BANKRUPTCY ATTORNEY

If you ever get to the point where you’re drowning in debt, call a bankruptcy attorney. A bankruptcy attorney like JMM Legal will help you through the bankruptcy process so that you know whether to file for Chapter 7 or Chapter 13 bankruptcy.

They will also help you understand the truth behind bankruptcy myths so that you’re not afraid or worried about the whole process. If you’re thinking about filing for bankruptcy, contact JMM Legal today by calling (801) 505-9679 or by visiting jmmlegal.com. You can also visit their blog for more information.