Running Into Financial Trouble?

With the cost of living rising daily, and money seeming to have less value

, it is hard not to run into financial problems. NC attorneys and bankruptcy attorneys are seeing more clients that ever as the money coming in is not keeping up with the money going out.

How much do you really need to live on? That amount is different for each person. Your read daily of celebrities who make millions, yet are in financial trouble. Is it the money or the spending? Of course, it is a combination of both. If you are making minimum wage and have a family, it doesn't matter how careful you are with your money, you are going to be in trouble. If you make millions and are not careful with your money, you are going to be in trouble.

Let's compare two families who live here in North Carolina. One husband is a schoolteacher, his wife is a receptionist at the local elementary school, and their combined income is about $80,000. The second man is an air traffic controller. His wife doesn't work outside the home; his salary is about $80,000. Both couples make the same amount. These two families live vastly different lives. Same income, different spending habits. It has been interesting to watch them through the years. The spending habits have nothing to do with their occupations, the point of the story is it isn't what you make, it is what you spend.

The first family eats out frequently. Just fast food, things aren't too organized at home, so grab and go is the normal. Their children are always in need of new shoes and clothes for school, but they spend huge amounts of money on things that don't last, and are always in financial trouble. They will drop $75. 00 for a movie and another $30 for fast food often. They'll spent $200 at the county fair, just for fun.

The second family budgets. They understand what their expenses are and they plan accordingly. Because they plan and don't waste, they are able to take nice vacations each year. They drive moderate cars and save for a rainy day. They don't live extravagantly, but they have a nice standard of living. The kids always look nice and their lives seem to have structure and order.

Two families with the same income, but completely different spending styles. Thirty years later and the first family still hasn't paid off their home, the second family has. They have more disposable income to play and save. Carefully watch what you spend, it may surprise you where your money goes. Sometimes there just isn't enough regardless of your careful planning.

North Carolina bankruptcy attorneys can help when life just gets too overwhelming. When there is no way out and the bill collectors are calling more than the in-laws they can steer you in the right direction. The cost of living is climbing and incomes aren't keeping up. It isn't easy to keep your head above water. Keep a close eye on what goes in and what goes out to keep you from drowning.

by: Art Gib

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