Many of our checking accounts suffer each month because we over spend. In today's report we will be talking about ways to avoid over spending.
Since the creation of debit cards consumer spending has dramatically increased given that they no longer have to pull out those hard earned bills for anything when swiping a card is so easy. Convenience was a major reason Debit Cards were introduced because marketers knew that, like credit cards, debit cards would increase consumer spending and decrease the amount of people that are "frugal." So the first tip is to Not Use Your Debit Cards...when you get paid, go ahead and make it your first priority to "Pay Yourself." Any smart investor knows that the most important thing to do when handling and budgeting money is to pay your self first. Take out a certain amount of money weekly or bi-weekly depending upon your employment pay schedule. Let that money be the only money that you use through out this time period.
This will put you in charge of your money and reduce the amount of frivolous spending you could otherwise succumb.
Like debit cards there are also credit cards that most of use and "swear" we're going to pay back at the end of the month. Fact of the matter is, we hardly ever pay it back at the end of the month. It's these revolving balances that make credit card companies their money. Interest always makes the cost of what ever you put on the card more expensive than what it was worth. In turn this leaves you stuck with a balance to pay every month. This will have to be factored into your monthly budgets and increases the overall amount of your expenses. Remember, the goal is to lower your expenses.
Simple, don't use credit cards either; this will also lead to excessive spending and ultimately you spending more than what you bring home each month.
It is important that we don’t become upside-down in our budgets and if we do we must act fast to get things back on track. This will obviously require much sacrifice for a specific time period where you may have to do without the finer things for a while.
Creating a monthly budget will be our next topic so please return soon...
And also be sure to check out the "historical post" link to find interesting financial articles that you may have missed...
Thanks for reading and visiting Economic-Smarts.com where we believe a smart economy begins with you.
Since the creation of debit cards consumer spending has dramatically increased given that they no longer have to pull out those hard earned bills for anything when swiping a card is so easy. Convenience was a major reason Debit Cards were introduced because marketers knew that, like credit cards, debit cards would increase consumer spending and decrease the amount of people that are "frugal." So the first tip is to Not Use Your Debit Cards...when you get paid, go ahead and make it your first priority to "Pay Yourself." Any smart investor knows that the most important thing to do when handling and budgeting money is to pay your self first. Take out a certain amount of money weekly or bi-weekly depending upon your employment pay schedule. Let that money be the only money that you use through out this time period.
This will put you in charge of your money and reduce the amount of frivolous spending you could otherwise succumb.
Like debit cards there are also credit cards that most of use and "swear" we're going to pay back at the end of the month. Fact of the matter is, we hardly ever pay it back at the end of the month. It's these revolving balances that make credit card companies their money. Interest always makes the cost of what ever you put on the card more expensive than what it was worth. In turn this leaves you stuck with a balance to pay every month. This will have to be factored into your monthly budgets and increases the overall amount of your expenses. Remember, the goal is to lower your expenses.
Simple, don't use credit cards either; this will also lead to excessive spending and ultimately you spending more than what you bring home each month.
It is important that we don’t become upside-down in our budgets and if we do we must act fast to get things back on track. This will obviously require much sacrifice for a specific time period where you may have to do without the finer things for a while.
Creating a monthly budget will be our next topic so please return soon...
And also be sure to check out the "historical post" link to find interesting financial articles that you may have missed...
Thanks for reading and visiting Economic-Smarts.com where we believe a smart economy begins with you.
