Here are ten free personal finance tips that will help you get out of debt.
1.) I shall learn and understand the difference between what I want and what I need. A study in 2008 by 2 socialogist stated that only 12% of the things we purchase are actual necessities in life. Everything is a want, or a purchase of gratification.
2.) I shall learn not to use credit to make purchases on expensive things. It’s all right to have nice things in life, because you probably earned it. But the key is are you able to afford it at time you buy it. If not, do you really deserve it?
3.) I shall learn to create a detailed budget and stick to it. By creating a budget you will be able to follow a financial guideline. You will also know when you’re falling off that financial plan.
4.) I shall learn not to covet thy neighbor’s things. Just because your friends or family em is buying expensive doesn’t mean you have to. Stop living like the Jones, and start living for your selves.
5.) I shall learn and create an emergency fund. You have every heard the saying “Prior planning prevents piss poor performance”? Well, the same is true with your finances. You need to set aside money every month for emergencies.
6.) I shall learn not to spend more than I earn. Always remember money saved is money earned which means the less you spend the more money you have to save.
7.) I shall learn not to live beyond my means. A good way live within your means is always pay yourself 10% and tithe 10% every paycheck right off the top. After that pay all your expenses for the month, and whatever you have left is yours to keep and play with.
8.) I shall learn not to open any new lines of credit. If you’re trying to get out of debt you should never apply or open any new lines of credit.
9.) I shall learn to teach my children from an early age how to manage their money responsibly. It’s never too young to teach your children about money.
10.) I shall learn never to make late payments, because late payments will destroy my credit. Making late payments on your credit cards always has adverse affect on your credit score. So if you have to make debt payments make sure you pay them on time.
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