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Ten Ways to Manage Expenses
- Develop a realistic budget and stick to it. Review your budget periodically and revise it when necessary.
- Curb your impulse buying. If you see something that you want to buy, don't! Go home and mull it over. If you do this, you probably won't return to the store to make the purchase.
- Limit the amount of debt that you take on. A rule of thumb is monthly payments on your debts (not including your mortgage) should not exceed 20 percent of your take home pay.
- Charge only those items that you can pay off in full when you receive your credit card bill.
- Keep your mortgage or rent payments reasonable. Don't saddle yourself with huge housing costs. Only take on obligations that you can easily afford now.
- Make it a hobby to develop alternatives to spending a lot of money. Instead of dining out, go for a walk and have a picnic. Rent books and CDs at the library instead of buying them.
- Make prudent investments. Avoid investments that promise a high return, like penny stocks, junk bonds, and speculative deals. The reason that those investments offer a high return is that they are extremely risky!
- Don't cosign or guaranty an obligation for someone else. If that person doesn't pay, you will be responsible for repayment.
- Be sure that you have adequate insurance on your home, its contents, and your automobiles.
- Be sure that you have adequate health insurance coverage at all times.
FAQs
- What do I do if I can't meet my monthly credit card payments?
- Right now, I cannot pay my debts. Besides bankruptcy, do I have any options?
- What may I do if the debt collector breaks the law?
- How may a debt collector contact me?
- Are all financial counseling services the same?
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