Wednesday, September 23, 2009, AM | Leave Comment
The last year and a half, we have gone through a lot, to say the least, in our finances. Good or bad times, we must keep these three basic principles in mind to help you regain control of your finances.
Also, you need to focus and concentrate on your personal finances, especially your debt. Don’t miss a payment, otherwise you will not be able to make two payments the following month.
Manage your spending
It’s easy to get into a cycle of overspending and unnecessary debt. But if you create a budget to help you track and control your monthly spending, you will have more control of your financial position.
Save for the future
It’s a good idea to put some of your income toward emergency savings. If an unexpected financial challenge comes your way, the money will give you the cushion you need to get through it with your mortgage and your credit rating in tact.
Control credit card spending
Keep careful track of how you use your credit cards, so you don’t build up more debt than you can manage. Many cards carry high interest rates that can accelerate the growth of your balance, making it more difficult to pay off.
In a Nutshell
Follow the above three steps and you will do OK in your finances. Like the saying goes: “It’s a dirty job but someone’s gotta do it.”