I’m thankful for my husband. The LORD knew I’d need help in the moolah area and blessed me with the perfect help-mate.
Image Credit: FiscalLiteracy.net
10 years of marriage has taught me a thing or two when it comes to finances.
And I know if more people followed these 5 principles, they’d stay out of debt…
1. Save!
As soon as you get your pay-check, set apart atleast 10% of what you get (if you can manage 15% great!) as savings. Don’t touch this amount and make sure you do this before paying off the month’s expenses.
2. Live within your means
Sure the family next door has an awesome new car but if you know it’s way above what you can afford, don’t bother to even step into the car dealership to “shop” for a new car.
3. Buy what you need
Yes, it does seem like everything on the store’s shelves call out your name but stand firm. Develop self control. Draw up a shopping list and STICK TO IT!
Shopper’s impulse is one of the biggest debt triggers!
4. Settle credit card statements immediately
Many credit card companies have cash back rewards and great shopping programs, so shopping with cash may not seem as beneficial. So you do choose the route of shopping with your credit card, ensure you settle those statements immediately. Don’t carry forward any statements to the next month.
5. If you aren’t Suze Orman or Dave Ramsey, seek financial advice!
Managing one’s finances is not always easy.
It isn’t demeaning to seek out help nor is it silly to ask someone how to dissect your funds and spend wisely.
Suggested finance experts we love are Suze Orman and Dave Ramsey.
You can also work with finance consultants like Totally Money or a local consultant, friends/family suggest.
I can assure you that these 5 principles work.
They take time getting used to…but once they become a part of your finance mind-stream, you will see the results!
What does your family do to judiciously manage your finances?
**EBMR Disclaimer: Yes the link in this post have been sponsored but the heart of the post is all me!**
About Marina
Great tips! I think it’s very important to live within your means. I learned long ago to be happy with simple pleasures instead of crying over the fact that I couldn’t afford all the stuff other’s have.
Nikki recently posted..Tips To Help Your Child Overcome Anxiety And Stress Before Swimming Competition
Twitter: MusingsSAHM
says:
We are big Dave Ramsey fans – following his simple “baby steps” plan has changed our lives. We now have no debt, aside from our mortgage (and we’re on track to pay that off within 10 years) and have learned to live within our means. It’s a wonderful feeling.
Erika recently posted..Cookie Dough Brownies
I love these tips!
Twitter: Grandma_Juice
says:
With the way the economy is, those are some really great tips! It’s SO important to stay within your means! It’s so easy to just whip out a credit card today and then pay for it (pun intended!) later!
Ronni Keller recently posted..Recipe: Roasted Pork Tenderloin With Apricot Walnut Chutney
I think the tips are great reminders…. a peaceful night (day) definitely outweighs the restless one of trying to keep track of creditors and pending bills …thanks for the nudge ! xxx
Twitter: twitter (creditdonkey)
says:
I use my credit card to avail of the cash back rewards and other programs. However, both hubby and I are conscious that we buy only those stuff we need and are listed on the monthly budget. Then we see to it that the monthly bill is paid in full, not just the minimum amount.
CreditDonkey recently posted..Black Card Visa Review
I agree, it is so important to not carry credit card debt, it gets out of control way too easily.
Anne recently posted..The American Idol Tour and AT&T #ItCanWait
Twitter: SGRcom
says:
These are great tips. My hubby and I haven’t always been the best with finances but we are getting better. We have a budget created in Excel that shows us where our money is going so that bills are promptly paid and we don’t overspend. It’s be a tremendous help!!
Kecia recently posted..September Holidays, Observances, and Other Events: Celebrations You May Not Have Known About!
Great tips – we need to get better at this!
Great tips! I am a big Dave Ramsey fun and love Suze’s show. We are on Baby Step 2 and hoping to attend a Financial Peace University class soon. Can’t wait to be debt-free!