You obviously want to give your family the highest standard of living that you can. But if you haven’t been great with money and budgeting in the past, adding to that your desire to spend more on your family members can quickly create a debt spiral, and that can lead to long-term negative consequences.
If debt does become an issue for the primary breadwinner in a family, it may be time to look into some debt relief options. You can look into Chapter 7 bankruptcy. You can scan the Internet for helpful budgeting tips. You can see if there’s any kind of loan forgiveness that might help if you have school debt. And you can meditate on the theory of minimizing so that you don’t have extra bills that don’t contribute to your standard of living.
Chapter 7 Options
If you’ve purchased a lot of things for your family on a credit card but do not have enough income to pay it back regularly, and on time, debts can start to accumulate. If it becomes too overwhelming, you can look into Chapter 7 options. Going bankrupt is not the end of the world, but it does mean that you really have to think about how you’re spending money and what the best way to reset financially is going to be.
Sometimes the money you have and spend isn’t so much the problem as the organization of where it goes. That’s when it’s helpful to install budgeting apps on your desktop or even on your mobile phone. If you have a daily reminder of how you’re spending money via a budgeting app, you can begin to trim all of the unnecessary expenditures, thereby getting yourself out of debt that much more quickly.
If you have a lot of school debt and haven’t been able to find a job that pays enough to chip away at the premium, it might be time to read about loan forgiveness. Especially if you went into the education field, there are ways that you can apply to have your loan forgiven because you are contributing your training back into a positive societal funnel.
The Theory of Minimizing
And it might be that you just have too many things! It might seem counterintuitive that having too much stuff makes you poor and in debt, rather than having lots of things making you feel rich, but there is a correlation. If you buy lots of expensive items, you can’t necessarily use them, and they just collect dust and cost you money in storage and mental space. By minimizing your stuff, you free up finances, space, and psychological territory for you to put into your family instead of your financial anxieties.