| Pay yourself first
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Try to discipline yourself to set aside a certain amount each month. If you have difficulty doing this on your own, many employers offer some sort of savings or retirement plan that allows for automatic deductions from your check. That agreement it's already set aside before you get
paid. |
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| Credit
Cards
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"Buy
now, pay later" is
a very powerful temptation. Remove the temptation by leaving your plastic credit card at home. Your credit cards are trying to keep you using them and paying interest. You will find it very difficult to pay off all your credit cards once you have them. |
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| ATM
Cards
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Leave them at home as well. Avoid fees and ruining your budget by getting the cash you need when you deposit your check at the bank. When you walk into that shop and hand over the card, the money is taken from the card, and the card goes back into your wallet. You still have all the things you started with - there's no less money in your purse or wallet to remind you of what you've spent.
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Impulse Buying
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Make a list of things you need when go shopping and don't buy anything not on it. Shopping because you are bored or because it makes you feel better (self-esteem) will not take away the problem and in most cases it will leave you with debt that will take you much longer to repay than the purchases lasted. Society leads us to believe that he who has the most possessions wins. Not true. There is nothing wrong with possessions if you need them and you can afford them, but buying to keep up with the Joneses is not the answer either.
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| Cash
and Carry
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Carry only a certain amount of cash with you. That way you can't spend more money than you have on you at that time. |
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Minimum Monthly Payments
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Up to 90%+ of your minimum credit card payment can go to interest alone, thus taking years to pay it off. Pay as much as you can afford or better yet, try not to use your credit card at all, except in emergencies. |
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| Temptation
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When ever you feel you just have to have it, take a deep breath, step back and think it over for 24 hours. You may find that you really didn't need it after all at all! While most of us are not compulsive shoppers, how many of us give into that impulsive little voice that tells us we would feel much better if we just had that new purse or that cute little outfit we saw in the window the other day. The consequences of listening to that little voice can be far reaching when it concerns your finances.
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| Procrastination
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Tomorrow never comes. The best time to start practicing smart money management tips is now. |
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