1. Warning Signals: Trouble sleeping, fighting with your spouse, always being broke at the end of the week, getting new credits cards to pay bills. If this is YOU. Time to face reality.
2. Don’t ignore bills you can’t pay. Contact the creditor and you will find most are willing to make accommodations.
3. Track your spending. When you purchase something, immediately jot this down in a small notebook. You will be amazed at the end of the month. This is a sure way to see where you are needlessly spending.
4. Plan a realistic budget. How much for food, rent, car, utilities, etc. Don’t forget to factor in taxes. Most people make financial decisions on pre-tax income and can’t seem to figure out where they are missing it.
5. Analyze monthly. Look at upcoming yearly costs (such as taxes, insurances, etc. ) and budget for this ahead of time.
6. Don’t ignore savings. But I need everything just to pay my bills, you say!. Put $10/mo away if that’s all you can. This will develop the habit and discipline you need in this area.
7. Do you have any “buying weak spots”?. Must have clothes, CD’s, shoes, etc. Identify what this is and CUT it out!
8. Attack all credit card debt as if your life depended on it. It does.
9. No more debt.
Jacques
CreatingWealthThatLasts
2 comments:
Hi Jacques .. we do all spend unnecessarily .. on the little things - it's become a habit of most people & completely unnecessary - walk by. Thanks for another great 9 comments. Hilary
Hi Jacques... 2008 has put lots of people even deeper into these unwanted situations. Let's work to have 2009 be better by far! Thanks for the insights, Jerry
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