Eight Money Management Essentials

by:

www.BadCREDITResources.com

Money management does not need to be a complicated process.

The following are the guidelines that you can consider to help you take control

over your finances and stay away from bad debt.

#1: Be Aware of your Financial Situation.

List down everything you spend on every day- from the highest price to the smallest cent- and add up all your expenditures.

Compare the sum from your monthly earnings and you can have a realistic evaluation of your personal spending.

#2: Be Aware Of Your Debts

Order a copy of your credit report from the three major credit bureaus and analyze your current debt situation.

Make sure that all the charges in your accounts are accurate.

#3: Save Your Money

Find ways on how you can save your money.

When you set aside every possible cent, you may be surprised at how much you were able to save for the entire month or year.

#4: Exercise Control with your

Credit Card Use.

It is important to exercise control over your spending.

Use your card only for purchases that you can pay back on time.

#5: Pay All your Bills on Time.

Late penalty fees are a waste of money.

Why pay more when you can avoid additional costs by simply submitting your payments on time?

#6: Set Long-Term Goals

Don’t forget to plan for your future.

Preparing for financial emergencies is the best way to avoid instant debt or bankruptcy.

#7: Create a Realistic Budget

Have you set a realistic budget plan that you can follow?

Having a definite budget plan helps avoid splurging or unplanned purchases.

#8: Prioritize Your Expenses

Many people spend on things that are not very important or not even necessary.

Recognizing your priorities should help you avoid unnecessary spending.

For more information: Eight Money Management Essentials

http://www.badcreditresources.com/articles/eight-money-management-essentials/

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