We aren’t born with the natural ability to manage money, it is a learned skill.  Good money management is about commitment and true desire to want to live within your means and avoid bad debt.  Learning new money management skills has no age-limit. However, the best place to begin is at home.  Teach your kids about fiscal responsibility while they’re young, and prior to college.  Because each individual has their own needs and circumstances, balancing budgets and building a saving plan can mean something different to each person.

Typically, good money management is a combination of behaviors:

  • Setting reasonable budgets
  • Prioritizing needs over wants
  • Saving for short-term emergencies
  • Making legitimate plans to become debt-free
  • Having honest evaluations regarding spending
  • Starting a savings account and saving for the long-term
  • Seeking help when debt becomes out of your control

Setting budgets is placed first in order, and for good reason.  If done on a regular basis, the process of recording money coming in and money going out, forces a constant evaluation and allows the possibility for goals to be met.  We recommend creating a monthly budget for your household.  If you don’t have one, contact Debt Advisorsfor a “free budget worksheet template. One of the biggest mistakes that can happen when creating a budget is to make the budget so tight, that it’s nearly impossible to maintain.  Remember that budgets should be realistic and includes financial goals which are attainable.

 

Live within means.Here is an example:  Taking out student loans equal to your expected annual income may not be all that bad, but throw in a few credit cards and the story changes.Simply stated, “living within your means” is having a plan, making good financial choices, budgeting and planning based upon how much income you have.  We should all aim to become good stewards of our money.  The holiday season is an especially difficult time to do this.  Although most people say that the holidays are about spending time with family and friends, many also overspendon gifts.  Credit cards make the problem of overspending even more tempting.  Money alone isn’t the solution, nor is it the answer for living within our means because over-spending can be a potential issue for anyone, at any income level.  (From the less fortunate, to a millionaire athlete…anyone can make money mistakes.)  Take control of your finances and find peace of mind, even during the holidays.

 

What do you do when you have more debt than income? Sometimes, even while putting forth our best efforts, bad things can happen in life. In a short time, having more debt than income can potentially lead to a desperate financial situation.  There is a difference between good debt and bad debt.Given time, resources and goals, there’s almost always a solutionfor every debt issue.  The key is not to procrastinate because the longer you wait to make and execute a plan, the more that debt is going to grow.

Addressing debt is not just about recognizing it, but also understanding how to manage and prioritize payments. Sometimes, it becomes essential to know which debt to pay off first to stabilize your financial situation. Websites like Debt Advisors offer valuable resources and insights to help you navigate through these challenging times. With the back-to-school season upon us, consider our wisconsin back-to-school shopping tips to avoid adding unnecessary debt. It’s also crucial to be aware of external factors affecting finances, such as the increased foreclosure numbers in Wisconsin. For more insights and advice tailored for residents of the state, keep an eye on the wisconsin bankruptcy blog.

If you find yourself overloaded with debt, consider Chapter 7 or Chapter 13 bankruptcy. Regain control over your finances and even rebuild credit. For those in the Milwaukee area, you can contact the Milwaukee office of Debt Advisors Law Offices for a free, no-obligation consultation today.

 

Learn about bankruptcy protections, types of bankruptcy, how to get started, what to expect, and who to trust. Filing bankruptcy is the ONLY way to completely eliminate debt. If bankruptcy is right for you, it offers powerful protections that cannot be achieved through alternative solutions such as hardship relief, loans, or debt settlement.

  • Exceptional service. The entire team was friendly and knowledgeable. The attorney took his time to walk me through step by step. I will recommend this law office to anyone!

    J Burks

  • I went through Debt Advisors as a referral by a friend. I am very happy I did so. The staff that I worked with were very helpful and showed a high level of professionalism. They were always able to answer any questions that I had. I was very happy with the attorney that I worked with, Michael Georg. Very professional.

    Terri Grote

  • Attorney Chad Schomburg and Debt Advisors helped me with my debt about three years ago. Chad explained the process to me and answered any questions I had, and the assistants compiled my documentation very efficiently while keeping my case moving forward. They were always available when I needed them, and even years later, I’m able to reach out to them, and they are willing to help. They have turned my life around 100%, and I could not have done it without them! Absolutely recommended!

    Tim Harris

  • They were there for my family from day 1 until the end, 5 years later (Ch. 13). Whenever I had questions or concerns they were always very responsive and gave me excellent advice. Michael and Jeremy are both exceptional bankruptcy attorneys. I highly recommend Debt Advisors.

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    Steve

  • After I had to go on disability, I used my credit cards a lot more thinking I could pay them off when I was able to go back to work. That didn’t happen and I found myself so much worse off than I could handle. I went to Debt Advisors feeling terrible about what I had to do. Chad and everyone there were very understanding and put my mind at ease while taking such great care of me. They were there every step of the way and supported me when I was “freaking out”!! Every time I needed to contact them; their response time was amazing!! God forbid I ever need to go through this again, but I know where to turn if I need help! Debt Advisors are more than just filing bankruptcy on my behalf. They really care about what you are going through!! Thank you, Chad, Jeremy, Mike, and everyone at Debt Advisors!! I cannot tell you enough how much I appreciate all of you!! J Hammond

    J Hammond

  • Chad Schomburg and his Staff did a phenomenal job for me and in an expeditious manner. I’ve recommend countless clients to Chad Schomburg, Wow!!! Outstanding customer service from the Schomburg office:)

    Lisa Williamson