Take your finances under control

Take your finances under control

Develop good spending habits!

The ability to stick to a budget is greatly enhanced when you are mindful of how you use your money. Plan well, be aware of your money, and use good spending habits. The best way to avoid spending more than you earn is to have a plan for your money. Some people call this budgeting, but I think a more positive spin is to think about it as a plan for getting the things you want out of life.

Now, I’m not saying you don’t buy the things you want, but do make an informed choice. Another tip, when tempted to buy a ‘want’, is to think about how many hours you need to work to pay for it. If you are tempted to make an emotional purchase, ask yourself, «Is it really going to make me feel better in the long run? Will it affect the goals I’m looking to achieve? » If you can defer the purchase for a few days or even a few hours, the urge often goes away, and you’ll feel better for having not broken the budget. Aim to use an interest-free period and clear the card in full each month.

Our final good spending habit for you is to plug the money leaks. Try starting with plugging the money leaks and going from there. If you are going to use your card for larger purchases that you won’t pay off within the month, look for a card with a lower rate and be disciplined to pay it off as soon as possible.

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