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One way to avoid bankruptcy is to hold on to your money. When we were growing up, they used to say that it’s a lot easier to save money than to earn money. The boy isn’t that the truth. So why not try to save some money by doing the following.

Cut Back On Luxuries

Expensive wine and spirits – cigarettes. If you do smoke, then give up. It might not be as simple as just quitting, but there are various ways, groups, and products to help you. What could your $10 a day be better spent on?

Organize Your Spending in Advance

Get organized for the week or month ahead and you could save money

If during the working week you only need the money for a bus ticket and lunch, then just carry the cash you need.

Don’t take your cards if you know you won’t need them. You won’t be tempted or distracted and so will spend less money.

If something does catch your eye, you’ll have plenty of time to see whether it is something you actually need or just something you want.

Only Carry Cash

Especially if you know you’re easily tempted or distracted at lunchtime, or work near a shopping mall; that way you can’t spend what you haven’t got with you, which means in the long run, you’ll spend less money.

Whilst it might be strange at first, you’ll soon get used to it, and you probably won’t have an emergency that demands you use your credit card.

Try to Avoid Online Shopping for Things You Don’t Need

Don’t go to Amazon or eBay unless you need something. think twice before making that late-night or impulsive purchase.

Keep a Record of Your Spending

Do you keep a record of your spending? Do you know roughly or exactly, what’s in your bank account, and what’s going out? You can keep a written record, use a spreadsheet, or an app on your cellphone to help you. You’ll benefit from knowing how much you’re spending, what bills are due out, and how much money you have left.

This will enable you to see whether you do actually have money to spend or whether you have a bill coming up in the next few days. Knowing this will help you to reduce impulse purchases and so you’ll spend less money.

Keep $10 or $20 With You for Emergencies

Have you got some cash in case of an emergency? Having a few emergency dollars will mean you won’t panic if something unexpected does happen.


  • The trains aren’t running and you need to get a cab home
  • You need a new shirt or tie as you spilled your lunch before an important meeting
  • You need to pick up some unexpected groceries on the way home

Then you can do it.

This works well when combined with only carrying cash.

The chances are you won’t need to buy a TV, some new clothes, or the latest electronic gadget without giving it plenty of thought first, so you can decide whether buying now is the best use of your money.

Know What You’ve Got

Check to see what you’ve got before you by things impulsively Before you buy anything new, see what you’ve got first. This might be a great idea and encourage you to clear out your closet.

Got a closet full of:

  • Shoes?
  • Sneakers?
  • Sunglasses?
  • Skiwear?
  • Hoodies
  • Hats?

Do you really need a new one then?

  • Do you have a tendency to buy something new because:
  • You can’t be bothered looking for / cleaning / fixing your existing one?
  • There’s a newer version available?
  • This one’s slightly better?
  • This one’s got a feature that you definitely need?
  • This one is much more suitable and appropriate?

By looking and thinking hard, the chances are that you’ve already got what you need or what you’re looking for. This means you won’t buy things you don’t need and so will spend less money.

If not, you’ll know exactly what you need and why, and so can justify it.

Remember, this can be applied to other rooms in your homes such as your garage and kitchen too!

Buy Things You Need and Will Use

Will you really use what you’re about to buy? Try to only buy things you need and will use. That tempting half-price little black dress, that’s just different enough from the other 3 you’ve already got, might only be worn twice a year.

That new power tool might be an absolute steal, but not if it sits in the garage with the others, and never gets used.

Do you really need the same handbag in three different colors?

Do you really need a new camera just because it has a slighter better resolution or a better lens? Will that really make a huge difference if you only use it occasionally.

By buying things you need and actually will use means that you can spend less money on the things you don’t need and won’t use.

Carolyn Secor P.A. focuses its practice in the areas of Bankruptcy and Foreclosure Defense in Clearwater, Florida. For more information, go to our web site or call 727-335-7151.