Are you in control of your debt or has your
debt taken control of you?
Sometimes it is not always easy to know
who is in control of your money- you or your debt. If you have reached a point
where you even have to ask who is in the driver’s seat financially then you are
in far too much debt.
In order to get back in control of your
money and learn to do more than just make ends meet you need to first not panic.
You need a level head in order to gain control so do not lose your head over
your financial state of affairs.
Prioritize
Your Bills
Sit down and take the time to prioritize
your bills. Do this by taking a hard look at your present financial situation.
Figure out how much you earn on a monthly basis and where your money is being
spent. Then figure out what your monthly expenses are and work from there.
Before you can take back control you have to know exactly where every cent you
earn is going.
Budget
Your Bucks
Learn how to budget your money, as the
majority of people never know for sure where their money is being spent. This
could mean that you are wasting money needlessly and do not even know it. It is
important to pay attention to what is happening with your money. This is as
true for high income earners as it is for low income earners. Even if you
decide on a very basic system of budgeting, find the one that works for you and
then faithfully adhere to it.
Curb
Excess Spending
It is important to curb excess spending
as fast as you can. Whether your indulgence is eating out at restaurants, new
shoes or new electronic gadgets, you need to stop overspending in order to gain
control.
Stop
Spending More than You Earn
In order to get ahead it is vital that
you stop spending more money than you earn. This is a very simple concept that
can be difficult to put into play. It is not wise to just go shopping because
you are bored or just want to look around because you are liable to spend money
you do not have.
Go to the mall only when you have an
intended purchase in mind. This will help keep you on track. The same is true
of grocery shopping. Have you ever gone to the grocery store intending to buy
three or four items and come out with 15 or 20?
This can happen so easily but don’t let it get the best of you. If you
need three items that will cost approximately $12.00 then don’t come out of the
store with 12 items that cost $30.00.
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