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Use the Right Tools in Your Post-Bankruptcy Life

Filing for personal bankruptcy is a major financial decision, as you already know if you’re in the middle of a bankruptcy case or have recently received a discharge. And, as you may be realizing in your life after bankruptcy, it is only the first step down the path to financial stability and health.

So what kinds of resources are available to people looking to strengthen their credit and keep themselves on track once the protection of the bankruptcy court is gone? Plenty, according to a recent post from Credit.com. Here’s a look at some top online personal finance tools to help you stay debt free, on budget and financially stronger than before.

Personal Finance Web Sites Worth Visiting

  • Track & compare your spending: If you’re interested in easy-to-comprehend visual representations of your income and spending habits as well as a comparison between your habits and those of people in similar financial circumstances, Bundle.com is worth visiting.
  • Get some personal finance basics: If you’re new to investing, saving, or personal finance in general, you may want to check out CNNMoney.com, where the “Ask the Expert” column provides straightforward answers to reader questions about everything from investment strategies to credit card debt.
  • Figure out where you stand long-term: While bankruptcy may feel like it rocks your finances, federal laws protect retirement savings from being decimated in bankruptcy court. To see how far along you are on your path to retirement (and what you have to do to stop working when you’re ready), check out the simple quiz at Fidelity Investments. The tools here allow you to see where you are in your retirement goals and what you need to do to stay (or get) on track.
  • Get the budget basics down: Whether you’re starting your first budget in your post-bankruptcy life or you’re refocusing your expenses to accommodate for changed income, tracking your budget is essential to financial health. Check out this tool from Kiplinger.com, which allows you to compare your projected expenses with what you actually spend in a month.
  • Get a better idea of what you make: As you know, the number you’re quoted as a “salary” is not the same as what you take home after taxes and benefits are deducted each month. This online paycheck calculator lets you figure out what your net pay actually is so you can get a better idea of what you can afford and how long you’ll need to save for it.

No matter what budgeting and personal finance tools you use, remember that taking time to pay attention to your bills, paychecks and budget is an essential part of any bankruptcy recovery.

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