Learn to Budget: Where can the consumer debtor get better budgeting skills?
Unfortunately, most people do not learn budgeting skills in public school, high school, community college or in university. These skills are learned “on the job” and in the home. It is necessary for people to budget their net pay cheque on a weekly or monthly basis. People should review their usual monthly expenses and make sure that there is enough money for each of the proposed expenses. If there is not enough money to cover all of those expenses, then apart from borrowing on their credit cards or from some other source, they should consider cutting back on particular items or even doing without. Needless to say, the expenses will vary from person to person and from family to family and from community to community. A proper budgeting method is critical to everyone as there is a natural tendency to spend without having sufficient income to pay the debts.
In most provinces, there are also credit counseling services where trained counselors teach the consumer debtor on a regular basis how to budget the bank account and moneys received from employment. Where possible, the consumer debtor should consult the yellow pages for credit counseling in the area where he or she lives. It is usually an agency of United Way.
Prior to going into bankruptcy, or perhaps not at all, the trustee in bankruptcy must give the consumer debtor a counselling session. The trustee or a qualified counselor discusses with the consumer debtor money management, spending and shopping habits, warning signs of financial difficulties and the use of credit cards. The session may be alone with the trustee or in a group.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.