You have your “fresh start” after the bankruptcy.  Bravo! The goal was to get you set up to survive and thrive with your new life.

But what about the new opportunities, or enticements offered you? Are you ready, and practiced in making different, better choices than you may have made before?

A client called and asked: they are putting my car up to bid … should I try to buy it?

My response:

1. Ask yourself, “Can I afford it?” “What can I afford?”
2. Then, remember that knowing you can afford $300 month payments is not the same as being able to afford it when the additional costs (insurance taxes, etc.) increases your $300 payment.
3. Plus, what if they kept the $300 as the payment but extended payments out in time so that you paid more interest over time for it?
4. Plus, will it be possible you could afford to buy something without having to have payments?
5. And, re: affordability — gas mileage?
6. Finally, when you know what you can afford, then look at the process through which you are buying — a bid? where social pressures psychological pressures will make it very easy to increase your spending?  alittle more, then a little more, and suddenly you are 10 alittle mores over your “limit”.

You are making new habits, this takes time — a least a month of daily practice!

Related posts:

1. Ten Things to Think About Before Using Your Credit Card — NMBankruptcyBlog.com
2. Top Ten Personal Financial Mistakes – Part 4: More on Borrowing from Credit Card Companies — NMBankruptcyBlog.com
3. Should I Reaffirm? — NMBankruptcyBlog.com

Here’s from their Step #30:

Congratulations!

Bravo! You’ve just spent more time and effort thinking about your finances and how you manage them than most people!  The site includes a form to help you look back on what you have learned and done over the time it has taken you to move through these 30 financial health steps.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending, #22: Identify ways to reduce spending, #23: Save money on groceries, #24: Share a tip for change, #25: Document your desired spending, #26: Protect yourself by performing financial check-ups, #27: Understanding the cost of credit, #28: Assemble a financial team, #29: Appreciate the benefits

Related posts:

1. Financial Health Steps – #26: Protect yourself by performing financial check-ups — NMBankruptcyBlog.com
2. Financial Health Steps – #27: Understand the cost of credit — NMBankruptcyBlog.com
3. Financial Health Steps – #25: Document your desired spending — NMBankruptcyBlog.com

Here’s from their Step #29:

In addition to improving your financial situation, you may also find your money management skills can benefit other aspects of your life.

Sometimes it’s hard to see the benefits while in the middle of change — change is hard and benefits not yet realized. This post includes a form you can  use to remind yourself of what you are gaining in the process, how you will benefit from the effort.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending, #22: Identify ways to reduce spending, #23: Save money on groceries, #24: Share a tip for change, #25: Document your desired spending, #26: Protect yourself by performing financial check-ups, #27: Understanding the cost of credit, #28: Assemble a financial team

Related posts:

1. Financial Health Steps – #26: Protect yourself by performing financial check-ups — NMBankruptcyBlog.com
2. Financial Health Steps – #30: Moving forward — NMBankruptcyBlog.com
3. Financial Health Steps – #27: Understand the cost of credit — NMBankruptcyBlog.com

Here’s from their Step #28:

Managing your finances can be like putting together a puzzle; all the pieces need to fit in order to be rewarded with the “big picture.”   Working with one or more of these financial professionals can help put the pieces in place.

The post describes what tax advisors, credit counselors, financial planners, and lawyers can do to help you.  Of course, be careful that they are credible, and that you know what services they will give you and what those services will cost.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending, #22: Identify ways to reduce spending, #23: Save money on groceries, #24: Share a tip for change, #25: Document your desired spending, #26: Protect yourself by performing financial check-ups, #27: Understanding the cost of credit

Related posts:

1. Financial Health Steps – #30: Moving forward — NMBankruptcyBlog.com
2. Financial Health Steps – #29: Appreciate the benefits — NMBankruptcyBlog.com
3. Financial Health Steps – #26: Protect yourself by performing financial check-ups — NMBankruptcyBlog.com

Here’s from their Step #27:

It is important to carefully weigh your options before making a credit decision.

The total cost of a loan can vary between credit providers based on such terms as the interest rate, length of the loan, credit limit and grace period. This post defines some of these factors and provides worksheets for comparing loans or credit cards from three different sources.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending, #22: Identify ways to reduce spending, #23: Save money on groceries, #24: Share a tip for change, #25: Document your desired spending, #26: Protect yourself by performing financial check-ups

Related posts:

1. Financial Health Steps – #26: Protect yourself by performing financial check-ups — NMBankruptcyBlog.com
2. Financial Health Steps – #30: Moving forward — NMBankruptcyBlog.com
3. Financial Health Steps – #28: Assemble a financial team — NMBankruptcyBlog.com

Here’s from their Step #26:

Being in charge of the family’s finances is an awesome responsibility.  In addition to providing your family with the basic necessities of life, you may feel responsible for their overall financial well-being.

What happens to your family if something happens to you, to your house, to your car?  This post helps you review what insurance you do and don’t have, and consider whether you want to prioritize your goals differently.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending, #22: Identify ways to reduce spending, #23: Save money on groceries, #24: Share a tip for change, #25: Document your desired spending

Related posts:

1. Financial Health Steps – #25: Document your desired spending — NMBankruptcyBlog.com
2. Financial Health Steps – #30: Moving forward — NMBankruptcyBlog.com
3. Financial Health Steps – #27: Understand the cost of credit — NMBankruptcyBlog.com

Here’s from their Step #25:

Now that you have identified some areas where you would like to make some changes, it is time to revisit your Expense Worksheet.

When you have to or want to make changes in what you have been spending, you can use the Expense Worksheet to help.  There’s a column for your “adjusted” amount, i.e., the amount you want to spend, not the amount you have been spending.  Keep your priorities in mind — this is about meeting your goals, not about depriving yourself.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending, #22: Identify ways to reduce spending, #23: Save money on groceries, #24: Share a tip for change

Related posts:

1. Financial Health Steps – #21: Document your spending — NMBankruptcyBlog.com
2. Financial Health Steps – #22: Identify ways to reduce spending — NMBankruptcyBlog.com
3. Financial Health Steps – #26: Protect yourself by performing financial check-ups — NMBankruptcyBlog.com

Here’s from their Step #24:

When you identify ways to reduce spending, you are being honest with yourself about your finances.  Being honest with yourself and others about your finances will ensure your success.

The site invited tips from readers and the tips are now compiled into a free e-book you can download.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending, #22: Identify ways to reduce spending, #23: Save money on groceries

Related posts:

1. Financial Health Steps – #26: Protect yourself by performing financial check-ups — NMBankruptcyBlog.com
2. Financial Health Steps – #28: Assemble a financial team — NMBankruptcyBlog.com
3. Financial Health Steps – #30: Moving forward — NMBankruptcyBlog.com

Here’s from their Step #23:

Saving money on groceries doesn’t have to be hard work. Making just some small changes can net big rewards to your pocketbook.

Planning your weekly menu helps you buy what you need and not what you want on impulse.  The site includes a download for a free menu planner.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending, #22: Identify ways to reduce spending

Related posts:

1. Financial Health Steps – #30: Moving forward — NMBankruptcyBlog.com
2. Financial Health Steps – #26: Protect yourself by performing financial check-ups — NMBankruptcyBlog.com
3. Financial Health Steps – #24: Share a tip for change — NMBankruptcyBlog.com

Here’s from their Step #22:

To create a balanced budget or increase savings, most people will have to find a way to earn more or spend less.

You can start small — bringing lunch to work instead of eating out can save $60 a month.  Use the library or borrow books from friends instead of buying them — or go to a used book store and buy them used.  More, trade in your books at the used book store and get more value back in trade.

Earlier posts in the series: #1: Commitment to change, #2: Assess your financial situation, #3: Clearing out financial clutter, #4: Set yourself up for success, #5: Get copies of your credit reports, #6: Clean up your credit report, #7: Make your money count, #8: Identify your starting point, #9: Do You Pass the Debt Test?, #10: Set your priorities, #11: Set SMART financial goals, #12: Set short-, mid-, and long-term goals, #13: Paying down debt is a smart financial move, #14: Expect the unexpected, #15: Securing your financial future, #16: Make a commitment, #17: Save for your goals, #18: Where does all the money go?, #19: Identify and document all your fixed monthly expenses, #20: Identify and plan for periodics, #21: Document your spending

Related posts:

1. Financial Health Steps – #25: Document your desired spending — NMBankruptcyBlog.com
2. Financial Health Steps – #21: Document your spending — NMBankruptcyBlog.com
3. Financial Health Steps – #20: Identify and plan for periodics — NMBankruptcyBlog.com