{"id":4054,"date":"2011-01-10T14:32:10","date_gmt":"2011-01-10T14:32:10","guid":{"rendered":"http:\/\/www.duncanlawonline.com\/?p=4054"},"modified":"2011-01-10T14:32:10","modified_gmt":"2011-01-10T14:32:10","slug":"budget-after-bankruptcy-review-budget","status":"publish","type":"post","link":"https:\/\/www.duncanlawonline.com\/staging\/8350\/budget-after-bankruptcy-review-budget\/","title":{"rendered":"Budgeting After Bankruptcy: Step #4 \u2013 Review Your Budget Regularly"},"content":{"rendered":"

\"Father<\/a>Step #1: Determine Your Average Monthly Income<\/a>
\n<\/strong>Step #2: Know Your Expenses<\/a>
\nStep #3: Create a Balanced Budget<\/a>
\nStep #4: Review Your Budget Regularly<\/span><\/strong>
\nStep #5: Use a Technology to Help You<\/a><\/strong><\/strong><\/p>\n

Step #4: Review Your Budget Regularly<\/span><\/strong>
\nThe first three steps in this series are really the \u201cmeat and potatoes\u201d of creating a budget after filing bankruptcy<\/a>. This next step discusses techniques that can be used to ensure that you stick to your budget and the financial freedom you have worked for.<\/p>\n

Once your budget is completed it is critical that you regularly review your budget. Contrary to what many people think \u2013 your budget should not be set in stone. Instead, your budget is a malleable and ever changing guide. It is important to change your budget as it becomes necessary.<\/p>\n

Your budget will largely mirror your life events and goals. If you have children who are preparing for college then you may find it necessary to set aside a little money each month for college savings. Similarly, you may have a car that is 15 years old and you know that you need to be saving for a new car. Your budget will need to reflect your goals and priorities.<\/p>\n

It is also important to review your budget regularly because in doing so you may be able to catch \u201ccash leaks\u201d or other areas of the budget that are understated. Catching these pitfalls of your budget early will allow you to adjust your budget and will greatly increase your chances for success.<\/p>\n

During the bankruptcy process we will speak with many of our clients about budgeting post bankruptcy. There are areas within your bankruptcy, such as Schedules I and J, which may help you draft your own budget. I typically encourage my clients to take their budget and put it on their refrigerator or next to their computer. Your budget should be strategically located in a place where you will look at it often so you can measure your success or be aware of potential stumbling blocks. Again, this really comes back to that \u201cfinancial honesty\u201d that we discussed in prior posts.<\/p>\n

Reviewing your budget regularly will allow you to maximize your chances of success and, just as important, increase your surplus at the end of each month.<\/p>\n","protected":false},"excerpt":{"rendered":"

Step #1: Determine Your Average Monthly Income Step #2: Know Your Expenses Step #3: Create a Balanced Budget Step #4: Review Your Budget Regularly Step #5: Use a Technology to Help You Step #4: Review Your Budget Regularly The first three steps in this series are really the \u201cmeat and potatoes\u201d of creating a budget … Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,6,7,8,10],"tags":[],"class_list":["post-4054","post","type-post","status-publish","format-standard","hentry","category-after-you-file","category-bankruptcy","category-chapter-13","category-chapter-7-2","category-duncan-law-blog"],"yoast_head":"\nBudgeting After Bankruptcy: Review Your Budget Regularly<\/title>\n<meta name=\"description\" content=\"It is important that after creating you budget you revisit it frequently. 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