Whether it is a pack of gum at the gas station, a new pair of shoes that are on sale or (if you are like me), just about anything at Target, smaller impulse purchases add up to a lot of money. For many of us, these purchases amount to hundreds of dollars per month. Most people don't realize that they are making these purchases and certainly don't comprehend the amount of money that they are spending on the little things.
While I haven't actually done a study on this theory, I do think that through meeting with people having financial difficulties on a daily basis that I have a lot of data. When I meet with people at Halcomb Singler one of the things I go over with them in an initial bankruptcy consultation is what they spend on living expenses each month. If a person I have met with decides to move forward and file bankruptcy one of the things I ask them to bring in for me to review is their bank statements. I review these bank statements to make sure that the client is not doing anything with their money that would jeopardize their bankruptcy as well as review the expenses that are evident from the bank statement. If there is one thing I have learned it is that bank statements are more truthful about how money is spent than clients. I am certainly not saying that my clients are trying to mislead me regarding the amount of money they spend on living expenses. But what I have found is that people are spending a lot more money than they think on needless stuff and food.
In order to combat this needless spending I recommend that everyone, whether having financial difficulties or not, go back over their last 3 monthly bank statements. Add up the small purchases such as the coffee at Starbucks, the McDonald's drive through, the magazine, etc. Include all of the impulse purchases that were not necessary. I think you will be surprised.
I am not saying that you should never have any unplanned purchases. What I am saying is that you should be aware of how much you are spending on such purchases. After you do the math you may think twice before making that next unplanned purchase because they can really add up to real money.
If you live in Indianapolis, Carmel, Tipton, Zionsville, Kokomo, Fishers or anywhere else in the Indianapolis area and are considering bankruptcy I would like the opportunity to sit down with you to review your situation and answer your questions. You can also read the testimonials written by actual Halcomb Singler clients. There is no fee for the bankruptcy consultation and if you do decide you need to file bankruptcy I can quote you a flat fee to move forward and explain our payment plan program. Call 317-575-8222 to schedule an appointment or click here to contact us and we will schedule you an appointment.
Halcomb Singler, LLP, is a debt relief agency. It helps people file for bankruptcy under the bankruptcy code. No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so. The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.
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