Step Three: Start a Savings Plan 

Have you heard the old adage that cash is king? Well, it is true! Money in the bank is one of the most empowering and inspiring feelings after emerging from a bankruptcy. Since your debts are gone, you should be able to save a little bit each month as long as you stick to your budget. Use the money you have been spending to make minimum credit card payments to start a savings account for yourself. It doesn’t have to be  much. It’s okay to start small. Write yourself a check every month for half of the amount you were sending to the credit card companies. Or even one-tenth of that amount. You won’t even miss the money if you start setting it aside now.

A savings account at a bank isn’t your only option. Check into whether your employer has a 401K program or other retirement plans available or start your own individual IRA account. That way you are less likely to spend it. In addition, you may want to explore investing small amounts into mutual funds, CD’s or other low risk investment options.