The ABCs of Managing Money
Include Every Debt
Don’t ignore a debt because you don’t think it’s important. When paying off your debts, you should include all of them so you have have a full financial picture of where you are.
Just Do It!
Sometimes you just have to suck it up and take care of your debt. There are times when you may lack the motivation. However, if that is the case with you, just start doing it, no excuses, and after a while, as the debt starts to decrease, you’ll feel great and want to continue.
Keep Yourself in Check!
When it comes to paying off debt, the initial payments can be exciting! For once you are seeing that balance go down. However, “things come up” (which is why we encourage an emergency fund!). So this could affect what you could pay towards your debt. Don’t let it continue once the “emergency” is over. Keep a check on where your money is going (always tracking your accounts) so that you can spot any mishaps in your plans. Don’t get in the habit of making up your own “emergencies” as well. Just because your friends suddenly decide to go out tonight, and you want to go, don’t sacrifice your goals for one night of fun. That’s not to say you can’t go — just try to find a way to cut costs.
Live Life for Your Future
Many people will tell you that you should live for today, because you just don’t know what will happen tomorrow. While that may be partially true, you can say the same about tomorrow. You don’t know if you’ll lose your job, or if your child will get sick. So the best thing you could do is “set yourself up for success” so that when these things come up, you are prepared. And keep in mind, there are still plenty of things you can do to enjoy today! You just have to be willing to think outside the box at times.