Guest Blogger Kavin Matthews provides us with wise advice for 2013 and beyond
It seems that everyone from your next-door neighbor to bloggers keep giving financial advice these days. Amidst this advice are various kinds of people, and it becomes difficult figuring out whom to believe when it comes to managing your personal finances. Just like thunderstorms in the summer, bad tips can pop out of nowhere. Seemingly sound advice might even turn out to be the highest magnitude of bad advice. Personal financial management and getting out of debt go hand in hand and therefore, unless you start taking steps towards managing your money, you will never be able to live a debt free life. Have a look at some of the most famous personal financial tips that you should resolve to follow in 2013 so that you don’t need to consolidate debt with the help of professional debt relief options.
- Spend less than what you make in a month: Though this tip might appear to be too simplistic, but this is where most people falter. Whatever amount one makes in a month, they spend on things that they don’t even need and this is a very bad financial move, especially in the current economy. Take steps to restrict your expenses and lead a life within your means.
- Stick to a frugal budget: Unless you stick to a frugal budget that eliminates all your unnecessary expenses, you won’t be able to bring back the lost balance between what you earn and what you spend. Always keep your income higher than your expenses and if at any time, you see your expenses more than your income, you should immediately take steps to either boost your income or curb your spending.
- Lower your credit card debt by paying it off: Carrying credit card debt is like carrying a huge boulder on your shoulders. Those small pieces of plastic seem to be one of the most convenient financial tools but when you start misusing them; they become nothing but debt generators. Therefore, the sooner you repay your credit card debt, the sooner you can refurbish your finances.
- Stop using your credit cards: If you keep on using your credit cards, you will never be able to get out of debt, no matter how much effort you put in. Stuff cash in your wallet and let go of the habit of buying anything on which you set your eyes. Avoid succumbing to the temptation of buying anything that you want.
Therefore, when you’re about to surrender and file bankruptcy, think twice as this will adversely hurt your credit score. Manage your money and keep improving your credit score in order to get new lines of credit at an affordable rate in the near future.
This article has been written by Kavin Matthews and he’s an expert regarding financial issues like banking, debt settlement and so much more. Check out more information about settlement issues at http://www.debtconsolidationcare.com/debt-settlement.html and what he has to say