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5 Ways to Put Your Life Back on Track after Bankruptcy

5 Ways to Put Your Life Back on Track after Bankruptcy

Filing for bankruptcy can be stressful. It is a pretty common thing but that does not make it easy. Bankruptcy can often lead to feelings of anxiety, shame and often hopelessness. But it is not difficult to recover from bankruptcy.

It does not have to be a disaster for your financial situation. Bankruptcy can be an excellent opportunity to start a new life.

Recovering from bankruptcy is a gradual process. It has a negative effect on the credit score and to improve it, time and patience are required as many people just become impatient with the lengthy recovery process.

Here are some of the tips that can help in successful recovery after bankruptcy:

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1. Highlighting and addressing the causes

The first step to recovering from bankruptcy is to understand where things went wrong in the first place. Finding out the problem and addressing it is the key to recovery. You cannot come up with a recovery plan unless you know what went wrong in the first place.

When knowing the problem, you can come up with a new strategy. You can set a different budget or look for a new employment to make sure you do not end up in a same financial mess as before.

You can also take useful advice from a bankruptcy advisor so that you can handle the situation in a better way.

2. Know your goals

The recovery process can be successful only if you have a proper plan and for a plan, you need to know what you are aiming for. You must decide whether you need to have a healthy credit score or you need to clear all the debts.

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Having goals is helpful in focusing on the right area of success. It will also make it easier to focus on one thing at a time as you can pick a few goals and work towards them.

3. Do not ignore credit score

Knowing the credit score after bankruptcy can be painful because it is not going to be good. People often try to put it off for as long as possible.

But knowing the credit score is important. It will help in knowing about the debts and any inaccuracies.

4. Benefits of a new bank account

If you want to show financial stability then opening a new bank account is a good idea. Opening a new account is useful in practicing good financial habits which can result in saving money.

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While opening the account, you should talk to the banker and make sure that you sign up for an automatic online bill payment. For recovering from the financial situation, you need to pay the bills on time.

Not delaying the bills is an excellent way of improving the credit.

5. Getting a new secured credit card

Credit card bills can be among the things that lead you to bankruptcy so you may be hesitant to get a new one when you are planning to recover from your financial situation. You may feel like getting a credit card is not the best decision.

But getting a secured credit card is an effective way of improving your credit score. Find the right credit card and check the rates.

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Compare rates so that you can choose the card that offers the best rates. It is also important to be careful because bankruptcy filers can be a target of predatory lenders. Do not fall prey to high-interest rates.

You can easily survive a bankruptcy if you stay vigilant and patient. You should always regularly check your credit score to remain aware of your true financial situation.

Getting out of the bankruptcy slump takes time, but playing an active role will help in getting you on the right track and bounce back from bankruptcy.

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Adnan Manzoor

Data Analyst & Life Coach

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Last Updated on August 15, 2018

30 Fun Things You Can Do This Summer Without Spending Much

30 Fun Things You Can Do This Summer Without Spending Much

Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

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1. Visit a strawberry festival

Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

2. Have a picnic

Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

3. Camp in your back yard

    The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

    4. Take long walks

    Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

    5. Break a world record

    Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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    6. Go on a bike ride

    The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

    7. Join a gym class

      The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

      8. Find a new hobby

      The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

      9. Join a sports team

      Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

      10. Make a slip ‘n slide

        Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

        11. Make a treasure hunt for your kids

        Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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        12. Visit a free festival

        Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

        13. Visit the zoo

          Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

          14. Take a road trip

          Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

          15. Play ultimate frisbee in the park

            Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

            16. Make your own ice cream

            Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

            17. Invite your neighbors over for a BBQ

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              When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

              18. Get a summer job

              For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

              19. Attend a charity event

              Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

              20. Visit a national park

              National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

              21. Visit your local comedy club

                Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                22. Make your own hammock

                  Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                  23. Read in your new hammock

                  Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                  24. Watch a movie outside

                  Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                  25. Take a hike

                    Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                    26. Learn how to fly a kite

                    As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                    27. Work out at the park

                    American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                    28. Take your dog to the beach

                      One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                      29. Make a summer smoothie

                      Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                      30. Attend a free yoga session at the beach

                      No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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