Spending money is the hardest thing to control and the most fun thing to do. How do you deal with that conflict? Is it a constant struggle to see which side wins? Follow some simple strategies to regain control of your finances.
A nationwide poll, conducted by Lending Tree, measured consumer attitudes about credit card debt, credit scores, consumer loans, financial plans and saving. It was alarming that 48% of the respondents were uncomfortable with their household debt. Even more alarming was that 54% admitted they have no financial plan to become debt free. It is clear that people need to manage their debts more effectively.
The way money works in your household may be more about emotion than about math. That is why some people tune out financial advice. They make impulsive buying decisions. They basically don't follow a budget well enough to succeed. If you want to be a good money manager, you'll need to follow a budget.
You may have heard this a thousand times and you've either given up on the idea or you've found a way to budget that you can live with. One way to budget is to take a piece of paper and write your total monthly income. Under that write down all of your expenses in categories and guess what amounts they each are. Total this amount. Make sure your income and expenses are totally equal.
You want to spend all of a month's income on paper before the month starts. Spend all of it on paper. Don't forget that savings is a category too. Your dollars now have a job to do because you have allocated them for the purposes you chose.
The first time you try budgeting, you may experience failure. Don't worry about that. You will get better and better at estimating your expenses. With practice your budget will become one of the most powerful tools available to you to keep your finances on track.
Debt is your largest obstacle to financial security. Think about your current beliefs about debt other than the debt from your house and car. Debt is not something you just have to live with. Many people live debt free. So can you.
If you are living on borrowed money you can prevent digging a deeper hole for yourself. Mitlon Berle said, "It's amazing how fast later comes when you buy now! Just stop using any borrowed money, which of course will include your lines of credit.
Don't close your accounts because there are situations that you need a credit card. Renting cars, securing a hotel or paying for a vacation will need some kind of credit. When you use them for that purpose and keep your balance at zero, then you are doing great.
Saving and investing are two of the best things you can do with your money. If you watch the Suze Orman television show, you might think that everyone in the country may be better off than you are and that everyone has over $300,000 in savings for retirement. Well, take heart, because there are people who have no savings at all and who find it hard to save.
Start with a small amount if you are having difficulties making ends meet. As your income grows and your expenses lower, then you can save more. Make this a regular habit.
![[Valid RSS feed]](http://www.look4articles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
![[Valid RSS feed]](http://www.look4articles.com/images/rss.jpg "XML Feed For RSS")