30 Mar After Filing Bankruptcy: Making the Transition from Credit to Cash
Has a cushion of credit been key to your financial survival? In an interesting article entitled “3 Steps Back to the Sanity of Cash,” MP Dunleavey discusses 3 steps to your own personal bailout–making a transition from credit to cash or “real income living.”
- Get out of the fog of credit by asking one tough question: if every ounce of credit now available to you dried up, what would your life be like? This step contemplates taking a hard look at lifestyle and spending habits compared to actual income figures. Painful…but necessary and helpful in moving toward a more solid and sensible way of living based on cash and not credit.
- What would Grandma do? This step contemplates switching to a cash-based mindset which includes learning to think and spend based on how much money you actually have.
- Find your means. The article calls this “real income living” meaning making the hard choices necessary to live and save on what you earn.
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