Pay In Cash And Record All Spending

Get in the habit of paying as you go. Paying cash for an item not only gives a person that sense of confidence and well-being, it keeps debt at a lower balance than the previous month. If you do charge for an item with the intention of paying it off when the bill comes due, keep a written tally of your purchase.

Keep a notebook to record the name of the store where new charges are made, the amount of the charge, the purpose of the purchase and a running balance of all new charges made since the last credit card statement. In this way, you are informed continuously as to what that new statement is going to say when it arrives in the mail. There are no surprises!

Credit counselors agree that most people would avoid excess debt if they budgeted their money. Remember, a budget is simply a roadmap or a snapshot of where the income is coming from and where all of the monies will go throughout the year. From this written information, one can observe patterns of buying behavior, unnecessary spending habits and learn how to improve personal finances.

Your thoughts on this subject? Your comments appreciated!

Content © Rich Brott, 2011

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