Have you started noticing how the ones around you are getting into a tight spot with their financial management? Are you afraid the same might happen to you, even more now with the current economic crisis that's been surfacing? Well, put your worries aside because with these few handy tips, you should be alright.
First of all, stay away from owning many credit cards.
Yes, these small little plastic cards, made to fit perfectly in your wallets are actually evil and the cause of most of your financial troubles.
If you've got more than one, pick the one with the lowest limit and lowest interest and cut up the rest.
After all, you should only be using plastic when it comes to emergencies only.
Next, always carry cash and make your purchases with cash only.
This way, you would be able to limit your shopping to how much you have rather than charge it all on a card and spend more than you can afford.
It would help if you didn't use retail as a form of therapy but rather as a rare and occasional treat.
Aside from that, start making a budget based on your basic income and put aside a small sum each month for savings to help you out in times of trouble like high medical bills or car wrecks and whatever else.
Also, use list to help you shop.
Before you head out to the store, make a list of the things you need and stick to that only.
This would save you from impulsive shopping and indulging in things that you would never use after the first time.
Lastly, always settle your bills on time, especially your credit card bills.
An outstanding and overdue bill would only result in higher interest rate that would help you in no way at all.
So if you're living on a tight budget, then dip into your savings and pay off your bills then cut up the card and live on cash alone.
Remember, tough times call for tough decisions.
So to avoid this, spend wisely and save monthly.