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Latest Article:
Keeping your finances stable
In today's challenging economic times everyone from large fortune 500 companies to single people are reviewing their budgets and tighten their belts. It is just a sign of the times.
For a person with BP this can be a daunting task, even maybe a trigger for them. So how does a person with BP get a handle on their finances? Like everyone else they need a plan.
To start you may want find a person you can trust to help you list income and expenses. Start with income, list income from all sources employment, trusts, social security, interest income, etc. Next breakdown, your out go or expenses into two different columns, must and wants. You must have shelter so you would have rent or mortgage. Your medication is a must, Trip to the day spa more than likely that would be a want. When doing this remember to look at your bank statements, credit card statements and receipts everything you have for 3 months so you can see where you are spending remember the little things coffee, car washes, afternoon snack, newspapers, etc. They are part of your expenses too. Now you have on paper your unplanned budget.
Put the paper aside for a bit, I suggest if possible a day take this time to really think about your goals, save money, pay off debt, save money for a large purchase. Prioritize what it is you want. When you have given it thought go back and look at your expenses eliminate expenses for items you are not using. For example if you are paying for a gym membership and have not been to the gym in 3 months, cancel it. You can always sign up again should you change your mind. Review your credit card statements and bank statements for those “ACH debits” if you do not remember what they are for or have not used the service in 3 months bid them good bye. Next are you paying for a premium service or product you can get somewhere else for a lower price? Do you really need a latte each day from an expense coffee house? Instead make it a treat and buy yourself a coffee maker for $30.00 and save yourself the $3.65 per day the second month you are using it. Little adjustments will show you results. Once you have set limits for yourself on your spending you now have your new budget!
Making the budget was the easy part; you know where you stand, but what if you have had a few manic spending sprees? What can you do? First come to grips with “what is done is done.” Turning back the hands of time is not really an option. So let’s look at some ways to help the situation, if you have purchased items that are un-used perhaps you can return them for a refund. Most spending sprees result in the items just sitting around cluttering up the house and the garage never being used. Try selling items you cannot return on EBay or a yard sale. Use the money you made to pay down the debt. Craigslist is another great place to sell items on line. Oh and remember one person’s “junk” is another person’s treasure. Even if you think it will not sell, try it, you may be pleasantly surprised. When paying down debt you want to pay down the cards with the highest interest on them first to reduce the amount of finance charges you are paying. Look at your credit card statements to find the A.P.R.
Once you have completed selling all the extra’s you had and have adjusted your budget with the new monthly payments on the credit cards take a look to see how much your total monthly out go is, if it exceeds 60% of your income you have three options, following an even stricter budget, debt counseling, or reviewing your bankruptcy options with an attorney.
A budget is simply math, you need a greater amount of income than the amount of money going out for expenses with that said if you are in a paying off debt mode, you will need to reduce your current spending tighten that belt one more notch. So where else can you reduce spending look at these places to consider cutting back if you like to go to the movies see if you can go to a matinee. Speaking of movies if you have cable review your bill call your cable provider to see if you can save money with a new package, many times we have a service that is no longer the best fit for our needs. Do the same thing with your cell and land line telephone bills. The one area NOT to cut back on is your MUST areas health insurance, medication, trips to the doctor those are a MUST and are name that because without those you are risking your health.
Once you have reconsidered your budget have a person you trust to review it they should review it to see if they think it can be achieved. A budget will do you no good if you cannot stick to it. If you are still in a position where your expenses are still much more than your income you have two other choices debt counseling and or seeking the advice of a bankruptcy attorney.
A debt counselor’s function is to help you work with your creditors to try to achieve the following:
• Reduce your interest rates
• Stop late and over limit fees
• Develop a personalized action plan
• Stop collection calls
• Consolidate your payments
Debt Counseling firm’s are either for profit or non-profit, we recommend that you contact at least two, compare them, just as you would a doctor you need to find one that you can work with. In addition always ask what are your options besides debt counseling, the debt couselors should be able to tell you them. Secondly, before you sign up with one check to see if they have any registered complaints against them, do they have the proper credentials to perform the services they offer. Lastly before you sign up for the service consult one or two bankruptcy attorney’s, look at both options before making your decision. If bankruptcy you feel is not an option for you, and you decide to go with a debt counselor read all the information given to you carefully if possible have a second set of eyes go over it. Go with a company you feel you can trust. Take into consideration that this is not a quick fix but at the end you will have paid back the debt you owe.
By: Amanda M. Flores
General Information:
Bipolar Disorder is not one disorder, it is a group of mood disorders outlined by the presence of episodes usually one or more that include abnormally elevated moods, which is clinically referred to as mania. Most people who experience high manic episodes also commonly experience the opposite side of the pendulum which is depressive episodes, or a mixture of these two types of episodes which gives the person a feeling of both mania and depression at the same time. Thankfully, these episodes are normally separated by periods that do not contain these cycles. Yet in some people, these episodes of depression and mania may happen quickly and often this is known as rapid cycling. The type and severity of these episodes have been divided by doctors into three types of bipolar categories bipolar I, bipolar II and cycolothymia.
