Summertime Budgeting

With most recent days reaching the mid-90s (with humidity!) most of us are preoccupied with staying cool right now. Debt and related issues are far from our minds. My main concern right now involves not melting away in a three-piece suit when I am downtown. Bankruptcy filings often drop during the summer, and it is not surprising. However, just because these thoughts are being put off for a hopefully cooler day doesn't mean that you can't do some planning and budgeting in the meantime.

First off... take a vacation! This is usually the only time of year that a family with school-aged children will have the opportunity. Now, given circumstances, this vacation may need to be modest, but there are a lot of fun, nearby, affordable activities for a family to enjoy. Vacations don't need to be in the French Riviera. Even a "stay-cation" or a simple weekend trip in the car is feasible under a budget. Staying with friends and relatives out of town can keep down the expenses. At the very least, the city is crawling with fun and interesting things to do (take a day to go to Kennywood, or any of our great museums). Just because a bankruptcy may be in the offing doesn't mean family life needs to shut down.

A second budgeting issue for families is back to school expenses. August is generally the month of back to school spending for clothes, shoes, and school supplies. Put aside the necessary money know it is absolutely needed. If bankruptcy needs to be put off in the meantime, so be it.

As summer winds down, fall is a good time to put aside some money, including money needed to file a bankruptcy. Utility bills drop, as heat and electric bills (God bless air conditioning) go down, school is paid for, and Christmas shopping is still months away. It will be a great time to get things in order.

Of course, some debt issues and bankruptcies can not be put off. A lawsuit or home foreclosure needs to be addressed immediately. And in some cases, the stress of a large debt burden is best addressed now. However, in less extreme cases, summer can still be enjoyed with friends and family.

If you want to speak about your debt issues, contact us to set up a free bankruptcy consultation. If it is 95 degrees with 100% humidity, I will probably be wearing shorts and a light shirt!