Many inmates in Tennessee prisons spend years dreaming about the day of their release. However, upon exiting the federal prison system, you may find yourself woefully unprepared for life as a fully functioning adult in the present times.
One of the biggest problems people struggle with after being incarcerated is their finances. It is often difficult to get a good-paying job and your credit history may have suffered while you were behind bars. Here are just a few ways you may be able to remedy the situation.
Make a budget
When it comes to finances, the silver lining of prison may be learning how to live on less. This is an important skill to maintain until you are back on your feet. According to the personal finance company NerdWallet, this begins with making a budget and sticking to it.
Count up your debt
Believe it or not, even inmates can have debt. This is especially the case for people who were not able to tie up loose ends before going to prison. After being released, you may also need to repay legal fees related to your incarceration. The good news is that some courts may allow a payment plan that suits your current financial situation.
Rebuild credit history
Once you have taken stock of your financial situation, building credit history should become a priority. This may require some help from professionals or even family members who understand how credit works and how best to improve it. NerdWallet recommends starting out with a secured card and becoming an authorized user on a trusted loved one’s account.
You may experience culture shock in your first few weeks after being released from prison. However, it is important to focus your efforts on getting your finances in order, so you can reclaim your independence and create your own path to success.
This article was written to provide information on rebuilding credit after being incarcerated. It should not be used as legal or professional financial advice.