Each year, the Law Offices of Todd Cushner & Associates work round the clock with a variety of clients who have found themselves mired in crushing debt for a number of reasons. The firm’s bankruptcy lawyers can expertly handle all matters that can range from a simple Chapter 7 no-asset case, to an IRS or secured creditor asserting a lien over business assets in a Chapter 11 case to even the most complex litigation with the largest of banks and creditors in a Chapter 13 case. Regardless of all of this experience, the firm’s top priority is to provide clients with a sense of normalcy and the relief that comes with it when their finances are finally under control. What most clients don’t realize is that a proactive approach to managing their annual budget can go a long way in being fiscally sound well into the future, even if their circumstances may change.
They have found that even if you take the time to make one small change and address even one aspect of your finances each month, it can make the difference between being fiscally sound or ending up with out-of-control debt that can drastically affect your quality of life long term.
Below are some time tested tips that will help people of all ages:
- If your employer matches employees contributions to a 401K, arrange to have funds extracted from your paycheck each month (making sure you are taking enough to qualify to have your employer match the funds) or investigate other employer related savings options.
- Get your taxes in order and file them early. This way, if you are owed a refund, you can receive it and put it to work, rather than having the government hold on to it for any longer than necessary.
- Check the withholdings on your paycheck. Are you having too much taken out or not enough? The IRS is even imposing larger fines for independent contractors who are not paying enough in estimated taxes.
- Set aside an afternoon to review the charges from any companies that provide service to you (for instance water/heat/electric/waste disposal/pest control/etc.) Many people pay their bills online and don’t realize when a rate has been changed. Even small increases can start to add up, so it’s important to adjust your monthly budget accordingly.
- Haven’t touched base with your insurance agent in a long time? Especially if you have a mortgage, it’s important to see if you have enough (or even too much) coverage based on rebuilding costs in your area. Also, check to see that your mortgage payments are up to date. The last thing you need is your home to go into foreclosure, but if it does, the team at Todd Cushner & Associates go above and beyond to assist homeowners who may find themselves in this situation.
- Do you have a line item for gifts in your budget? It’s very easy to make impulsive purchases and worry about paying for them later. These costs can add up faster than you realize and lead you to carry unnecessary credit card debt (with expensive interest charges)
- When was the last time that you checked your credit rating? With so much information being shared on the DarkNet, there could be people accessing your credit without you knowing it. Visit AnnualCreditReport.com. There you can access your credit reports from the big three credit bureaus for free…and correct any mistakes you see.
- Plan for the future. Do you have a will in place? Life insurance? It’s worth taking the time to work with the estate planning attorneys at the Law Offices of Todd Cushner & Associates as they possess an in-depth knowledge of the legal, and personal issues that often involve planning an estate.
- It’s almost the holidays. Put a gift budget in place and try to pay cash so you don’t have to experience a January crush on your budget to start the New year!
No matter where you are with your finances, contact us for a timely consultation so that we can provide guidance on how to set up a realistic budget and avoid falling into debt. The Law Offices of Todd Cushner & Associates is uniquely situated to diagnose, counsel and solve the problems of people whose debt has become unmanageable. The founding attorney, Todd Cushner, is a respected New York bankruptcy and foreclosure attorney and continues to receive highly rated referrals from advocacy groups, accountants, attorneys and other professionals. Why wait when you can take control now?
