Create a Monthly Budget
Debt Analysis: Monitor and Compare Income vs Expenses

Overall, the best way to avoid financial difficulties is to have a clear idea of your personal finances. To get this information, prepare an expected budget for the next few months and then monitor your actual expenses over the same time period. This process allows you to develop a Monthly Budget for you and your family. A draft Monthly Budget Form is located below to assist you with this process.

Preparing a budget is the starting point to gather information that you need in order to take charge and examine your spending patterns. Review your budget critically to determine what, if any, items you can cut out to make your average monthly income match your expenses. Can you increase your level of income or can you decrease your expenses?

Once your budget is balanced, you should make a plan to attack your personal debt. Look at the interest rates that you are being charged on the different types of debt that you have. Interest rates on credit cards (Visa, MasterCard etc.) are typically less than those of charge cards (Sears, the Bay etc.), while the cheapest source of debt is generally a Personal Line of Credit.

Click on the following link to download the Monthly Budget Form.

Bankruptcy is not always necessary when you have poor financial health and large debt loads. Perform a Debt Analysis by creating a monthly budget and that will allow you to have a quality of life while still paying off your debt. If your budget does not allow for repayment of your debts, or payment of your regular monthly bills then you need to talk to a bankruptcy trustee, a debt restructuring expert. Trustee Colleen Craig will look at all of your options and help you through these tough financial times! Contact us today and learn how you can avoid bankruptcy!