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How to maintain financial stability after personal bankruptcy

When a Washington family faces the need for bankruptcy relief, the immediate concern of everyone involved is to find a way to put an end to the unbearable mountain of debt. Very often, little thought is given to how life will look after personal bankruptcy, although many people worry about how their lives might change. In reality, there are many ways that life can improve once a personal bankruptcy is complete. Understanding how to alter one's spending and saving habits is one way to make the most out of this fresh start, and to find a lifetime of new horizons.

When it comes to curtailing spending, it is important to understand that simply accumulating "things" is not a path to health and happiness. While there are certainly benefits that come with some items, most people tend to overspend on material things. It is easy to forget that possessions will wear out, become obsolete or be lost or damaged over time. What endures are the memories that people make with those they love and respect.

When considering a post-bankruptcy purchase, it can be helpful to weigh the utility or joy that the item is expected to bring. If there seems to be little practical use or need for an item, and it is not something that seems likely to bring lasting joy, then that money might be better put to use in building savings or pursuing other financial goals. It should be noted that spending time with loved ones is often free or costs very little, and can bring joy and memories that can last a lifetime. Events such as a picnic at the park, a camping trip or even a quiet night curled up on the couch reading will mean far more than the newest electronic gadget or toy.

Personal bankruptcy is a powerful tool that can literally change the course of a Washington resident's life. Making the most of that fresh start is important, and overhauling one's spending and saving patterns is a great place to begin. By prioritizing experiences over "things," it is possible to move forward with a greater measure of financial security, and to strengthen the personal bonds that mean so much.

Source: Forbes, "Five Life-Giving Truths About Living Simply And Saving Money", Joshua Becker, July 11, 2017

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