Debt is your worst enemy so if you can do anything at all to prevent this from occurring with you all throughout your fun life, start at an early age figuring out how you will follow your budget each month and make it work.
Figuring out a budget is something that too many people have difficulty with and there is definitely no doubt about that. Unfortunately people, including myself, are just not educated enough about finding debt relief by having the ability to properly manage a well balanced budget. Following a strict budget each month or week, however you would want to do it, is no doubt the best way for everyone to improve their debt condition.
This is something that you should all really have already started thinking about because knowing how to manage your money properly and being consistent with it, will drastically pay off down the road. You will finally be able to enjoy your life completely, without all of the worries that come along for anyone who is just totally overloaded with debt over debt over debt.
Your budget will make it possible for you to recognize that you can survive every single month, not just survive though, much better than that, you could potentially have a little bit of extra money each and every month! How fabulous would that be people? You know you want it, you know you are exhausted thinking about your debt, so get up off that couch and stop pitying yourself, try fixing your debt problems instead of forgetting about them!
Allow your budget to work for you, no matter what might come up unexpectedly. If you can do this month after month, I do believe that you are just really going to be shocked by the wonderful results. You will have so much more confidence each day just knowing that you can make it on your own, you are a responsible, mature and highly intelligent individual. Learning about managing your money and following strict budgets at an early age in life sure did pay off for you as an adult, aren't you so proud of yourself!
Most of us do have a great deal in common unfortunately, whenever it comes to spending more money than we can truly afford to spend each month and it is definitely a very serious problem, or could eventually become a serious debt concern of yours. Creating this amazing budget for yourself can dramatically improve your severe debt issues for good, how fantastic does that sound?
Take the time out of your busy and very hectic schedule, sit down, take a deep breath and prepare yourself for this fun and exciting learning experience. You will learn so much about yourself once you have prepared a budget for yourself, to follow each and everyday that passes, that is going to rid you from all your debt. It will definitely be an eye opener for many of you out there that tend to go a little overboard from time to time when you are out shopping around for things.
Debt is your worst enemy so if you can do anything at all to prevent this from occurring with you all throughout your fun life, start at an early age figuring out how you will follow your budget each month and make it work.
Wednesday 30 March 2011
Sunday 27 March 2011
How to avoid credit card worry
I was shocked to learn that kids not yet old enough to drive are receiving card solicitations -- co-addressed to parents -- while they are still living at home.
Janet Bodnar, author of "Raising Money Smart Kids: What They Need to Know about Money and How to Tell Them," is appalled that her 16-year-old son regularly gets credit card solicitations -- even if they include her name on the address. She throws them out.
"I don't think it's healthy for teenagers to have credit cards before they go to college," says Bodnar, also deputy editor of Kiplinger's Personal Finance magazine.
She disagrees that young people learn financial responsibility by using a credit card. "Most kids can't hand in a paper on time, let alone pay a bill on time," she says.
"This is funny money to them. It's not real. It's a license to spend, and they're not learning how to manage money on their own.Teens need training.
Most teens are vulnerable to debt because they lack a clear understanding of how credit work.
Even for adults, the temtation is high. It takes a conscious effort and deliberate decision not to fall prey.
Avoiding Credit Card Debt Before it Sneaks up on You.
In this modern time where the economy has been such a challenge for everyday people like you and me to keep up, it’s easy to get into credit trouble when your credit bills begin to stack up. So if you are in the position to just start learning the ropes of the world of credit cards, there are a lot of things you can do to avoid credit card debt before it sneaks up on you and keep your nose clean, as they say.
This is an outstanding goal for you if you are just getting your first credit cards. If you know or talk to anyone who is battling tens of thousands of dollars of credit card debt, you know what a jail sentence it can be. Once that credit card debt gets that high, the time it will take even under the best of conditions to bring it down runs into the years if not decades. And for all that time, thousands of dollars of money goes down the drain to credit interest that doesn’t buy you any food, tickets to the movies or new clothes. It just goes away with no value to you at all.
But if you are new to the world of credit, getting a credit card is a good thing. But once you get one, keeping it under control is job one. You will find it amazingly easy to use a credit card once it comes. In fact, the retail world makes it difficult to conduct transactions any other way. You can pay for gas at the pump that way and even charge your groceries at the grocery store. And while all of these great uses for credit are helpful, you can end up with a whopper of a credit card bill at the end of the month. And if you don’t pay that bill off, that is the first step on a lifelong jail term in credit card debt jail.
So there are some guidelines you should follow to both use credit responsibly but also to keep building your credit rating which has a real value to you. Remember that what the credit card companies don’t tell you is that making a charge on a credit card is a loan. Even if you just charge ten bucks to go to the movies, you took out an unsecured loan to finance that movie ticket.
So once you start using a credit card, keep in mind that you will be paying back everything you run up on it. It is NOT free money. A good practice is to save every receipt every month and keep a running tally of what you have spent on credit. Now only can you use that to cross check your credit card, it keeps you honest because each time you add a charge to your credit card, you can update your tally so you know for certain that you will be able to pay it off when the bill comes.
Paying off the credit card each month is the number one best way to keep your credit problems under control. Now it isn’t a bad idea to let a little bit of the debt drift from month to month. This builds your credit history and credit rating which will pay you well down the road when you want to buy a larger purchase. But by staying on top of your credit and what is going onto your card, you will start out with the kind of habits that will lead to a life of good credit use without credit card jail. And that is a wonderful gift to give yourself early in life.
Janet Bodnar, author of "Raising Money Smart Kids: What They Need to Know about Money and How to Tell Them," is appalled that her 16-year-old son regularly gets credit card solicitations -- even if they include her name on the address. She throws them out.
"I don't think it's healthy for teenagers to have credit cards before they go to college," says Bodnar, also deputy editor of Kiplinger's Personal Finance magazine.
She disagrees that young people learn financial responsibility by using a credit card. "Most kids can't hand in a paper on time, let alone pay a bill on time," she says.
"This is funny money to them. It's not real. It's a license to spend, and they're not learning how to manage money on their own.Teens need training.
Most teens are vulnerable to debt because they lack a clear understanding of how credit work.
Even for adults, the temtation is high. It takes a conscious effort and deliberate decision not to fall prey.
Avoiding Credit Card Debt Before it Sneaks up on You.
In this modern time where the economy has been such a challenge for everyday people like you and me to keep up, it’s easy to get into credit trouble when your credit bills begin to stack up. So if you are in the position to just start learning the ropes of the world of credit cards, there are a lot of things you can do to avoid credit card debt before it sneaks up on you and keep your nose clean, as they say.
This is an outstanding goal for you if you are just getting your first credit cards. If you know or talk to anyone who is battling tens of thousands of dollars of credit card debt, you know what a jail sentence it can be. Once that credit card debt gets that high, the time it will take even under the best of conditions to bring it down runs into the years if not decades. And for all that time, thousands of dollars of money goes down the drain to credit interest that doesn’t buy you any food, tickets to the movies or new clothes. It just goes away with no value to you at all.
But if you are new to the world of credit, getting a credit card is a good thing. But once you get one, keeping it under control is job one. You will find it amazingly easy to use a credit card once it comes. In fact, the retail world makes it difficult to conduct transactions any other way. You can pay for gas at the pump that way and even charge your groceries at the grocery store. And while all of these great uses for credit are helpful, you can end up with a whopper of a credit card bill at the end of the month. And if you don’t pay that bill off, that is the first step on a lifelong jail term in credit card debt jail.
So there are some guidelines you should follow to both use credit responsibly but also to keep building your credit rating which has a real value to you. Remember that what the credit card companies don’t tell you is that making a charge on a credit card is a loan. Even if you just charge ten bucks to go to the movies, you took out an unsecured loan to finance that movie ticket.
So once you start using a credit card, keep in mind that you will be paying back everything you run up on it. It is NOT free money. A good practice is to save every receipt every month and keep a running tally of what you have spent on credit. Now only can you use that to cross check your credit card, it keeps you honest because each time you add a charge to your credit card, you can update your tally so you know for certain that you will be able to pay it off when the bill comes.
Paying off the credit card each month is the number one best way to keep your credit problems under control. Now it isn’t a bad idea to let a little bit of the debt drift from month to month. This builds your credit history and credit rating which will pay you well down the road when you want to buy a larger purchase. But by staying on top of your credit and what is going onto your card, you will start out with the kind of habits that will lead to a life of good credit use without credit card jail. And that is a wonderful gift to give yourself early in life.
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