A new year can equal a new financial you. As 2014 starts, many are focusing on financial renewal in the New Year. Below are some tips that may help individuals get their financial house in order.

The first thing that should be tackled is discretionary spending. This is a category where the battle for fiscal solvency is often lost. Once it is determined where the frivolous spending is taking place, you can take action to stop budget busting habits.

The subject of budgets is the focus of tip two. It is important to make a budget that will meet your needs, begin to pay your debts and that only leaves room for minimal discretionary spending. Finally, do not forget to review your credit report. Federal law requires that the three major credit reporting agencies give each person a free credit report each year. However, many people do not take advantage of this perk. Incorrect credit reporting can cost a lot of money. With this action plan in place a move towards financial stability will hopefully be more attainable.

If these tips are not enough to get out of your unique financial quagmire, you made need additional help. That help may be in the form of bankruptcy. A bankruptcy will provide a fresh financial start that can help 2014 to be your best financial year. For those with high credit card balances, your credit card debt may be discharged in bankruptcy.

The first step to filing a personal bankruptcy is to seek professional counsel. A bankruptcy attorney can advise you on all of your legal options for debt relief.

Source: The Huffington Post, “7 Tips to Get Your New Year’s Money Resolution Started Off Right,” Adam Levin, Jan. 2, 2014.

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