The "...for Dummies" books are fairly popular, so I thought we could start our own "Money for Dummies" series. Today, I'll cover 6 "Money for Dummies" tips to help you get your finances under control.
1. Spend less money than you make. In a society where folks feel that they must buy, buy, buy all the time, it is hard to keep spending to a minimum. Know how much you make each month and write a budget. Stick to that budget so you aren't spending more than you make.
2. Pay your bills ON TIME. Not paying bills on time is just one way to keep spending money in stupid ways. Every day/month you're late, there is a fee. Automate the bills you can to save yourself the late fee charges.
3. Save something. A dollar, five dollars, 50 cents. Save what you can each month. It's a dollar, five dollars, or 50 cents you didn't have before. You never know when you'll need that later.
4. Know the difference between needs and wants. I hear all the time, "I NEED to get my nails done." Is that really a need? Absolutely not. It's something you wanted. Pay for your needs before you pay for your wants.
5. Know what you can afford. If you're at a store looking at, say, a new pair of jeans, can you truly afford that $60? I know I can spend $400 each month on groceries, entertainment, etc. I keep tracking of my spending throughout the month, so I'd be able to look in my little notebook and see whether or not I could afford those $60 jeans that month or if I have to wait until next month.
6. If you have debt, don't get yourself in more debt! If you're in credit card debt up to your eyeballs, don't get another credit card or car payment or house payment. Pay with cash for everything and throw as much money as you can at those debts. Pay as much as you can to your highest interest rate first and keep going until you pay them off. You can do it! I know you can!
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