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.
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…
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!**