The fact is its difficult to track and manage your finances once you get locked up in jail. The main reason for this is because you are barred from anything that is happening outside the jail. This is a serious problem because if you do not inform your bank and financial managers of the predicament, then institutions will continue with the arrangement. Below are the tips that will help you manage your finances while in jail.
The moment you get arrested for any offense the other thing that you need to do after getting a lawyer is to contact all your financial institutions and inform them of your predicament. When this is not possible, its good to request your lawyer to do the honor and pass that information to your financial institution and request them to suspend all the arrangements. Most of the institutions need proof that you are serving a jail term and not defaulting to pay.
Look for a confidant to help manage your finances when you are on jail. This is necessary even when you have informed the bank that you have been jailed, its still necessary to have someone you can trust to keep track of your account. Do not choose a person you doubt or who have dubious ways since you give them access to your account and can do anything they want with the account. In most cases, most of the trusted people include your mother, spouse, children and even a friend you have been with all through-out.
Next you need to apply for bail bonds which will give you time to make the necessary financial arrangements. Most financial institution requires you to make physical arrangements unlike when you make a phone call to inform them of the changes you make on who to manage your account. Remember you need to ensure that you keep safe your finances since its difficult for ex-convicts to get a job.
You need to worry about your family and loved ones and how they will survive all through the jail term. Most families hide the fact that you are jailed to friends and the financial institutions. If you have an emergency fund inform and authorize your loved ones to access it when things get tough. The other thing that you should do is to allow your spouse to access the joint account. These steps will assure your loved ones that you are there for them even when you are convicted.