How Your Attitude Affects Your Odds of Filing for Bankruptcy

If you have filed for bankruptcy in the past or you are concerned your current lifestyle is leading you toward financial ruin, you probably feel a lot of stress when it comes to your finances. The good news is it’s possible to take control of your financial life and stop the landslide that often seems to occur in the weeks and months leading up to bankruptcy.

One of the best things you can do to reduce your odds of filing for bankruptcy is to adjust your attitude about money. Here’s how:

Only Make Large Purchases When You Can Afford Them

If you are like most people, there are many things you want to buy and do, and you might spend time convincing yourself life will be better if you spend money on these things. It’s true, having experiences and owning quality items can make life seem better – but only if you’re really able to afford those things.

The bottom line is if you can’t afford something it is not going to make your life better and long-term, you’re going to feel really bad about buying something you couldn’t afford. One of the first things you should do if you want to significantly alter your attitude about money is to commit to living within your means and only buying things you can afford.

For tips on how to live within your means, check out this article Mint.com.

Cautiously Optimistic

There are plenty of people out there, maybe you’re one of them, who don’t want to think about all of the bad things that can happen in life. They want to focus on the positive and make the most of the time they have on earth. This is a great attitude to have – after all, being positive feels good and helps those around you feel good.

Unfortunately, there is such a thing as taking positive thinking to the extreme, especially if your positive attitude actually has you crossing over into a fantasy land where you believe nothing bad will ever happen. The key to leading a fulfilling life, and staying out of serious financial trouble, is to have a plan for the bad things that can happen. Having an emergency fund ensures you are able to deal with the bad – and usually expensive – things that are a part of everyone’s life. This isn’t having a bad attitude, it’s planning ahead and being responsible.

Understand Life is Not a Competition

It can be challenging, especially in this day and age of social media, to feel fulfilled by your own life. Every day you are met with opportunity after opportunity to compare your life to the lives of others you see on Facebook, Instagram, etc. and etc. It’s tempting to get caught up in how your life could be better if only it were more like those you see online. Sadly, this has led many people down the path of overspending in an effort to fill an emotional void, and instead of fixing anything it create a serious financial problem.

Next time you’re tempted to buy something because so-and-so bought it, take time to reflect on your priorities and whether or not you really need to spend the money. This is a great thing to do even if you are financially stable and have the money to make purchases. After all, the money you have now might not always be there, so you want to make sure you are spending it wisely.

If you have questions about dealing with financial burdens or you have made mistakes and you want to speak to someone about how bankruptcy could give you a fresh start, we can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to speak to someone about scheduling a consultation.