Not being fully aware of your current financial situation is one way many people lose control of their finances and find themselves in worse situations later. Some people prefer not being fully aware because this gives them some sort of comfort, but this can be a risky move. At least when you know about your financial situation, you can know your limitations. If you find your finances falling into bankruptcy, then feel free to reach out to a Tennessee Bankruptcy Attorney for answers.
Figure Out Your Tennessee Financial Situation
The main part of figuring out your Tennessee financial situation is exploring four main financial factors. These include your monthly income, monthly expenses, savings, and debts. Gaining awareness of all four of these factors will give you the information you need to start securing and taking control over your finances.
Monthly income does not just mean your paychecks, but also any allowances, bonuses, and gifts from your job. Not many know this, but the interest that accumulates in your bank account should also be added to this. Once you have this calculated, adding up your monthly expenses can be helpful for estimating how much money you have leftover each month. Monthly expenses include:
- House bills
Having an idea of how much money you have leftover lets you know what money you will have in the future when financial challenges arise and can help you gauge how much money you should stop spending if you have Tennessee financial goals in mind. Savings is not something everyone likes but making sure you have a thousand dollars or more in your savings account can be crucial for protecting yourself from financial disasters.
Lastly, debts are something that keeping track of will help you know your financial limitations. Debts include credit card bills, insurance, student loans, and any other money you owe to others.
Taking Steps to Improve Your Tennessee Financial Situation
Now that you have awareness of the four most important financial factors, you can start making changes to improve your overall financial situation. Tennessee personal financial planning means considering your financial limitations and adjusting your spending and how much you put into your savings or paying off debts. You may find that cutting out going to restaurants every week can save you a lot more money each month.
You may realize that you do have extra money each month to pay off your credit card or student debts at a faster rate that can save you money in the long run by avoiding built-up interest. However, you might find the opposite is true and you need to cut down the money you pay for your debts each month to put more money into savings.
Bankruptcy Attorney in Chattanooga, TN
Consider seeking legal help from our lawyers in Chattanooga, Tennessee and North Georgia if you are falling into bankruptcy. Call Tom Bible Law at (423) 424-3116 to speak with a Bankruptcy Lawyer in Tennessee for a free consultation today. Our legal team of Tennessee bankruptcy attorneys is located in Chattanooga, Kingsport, and Tullahoma.