Financial problems can strike at a moment's notice if you are not on top of your game. Whether you are financially stable now, you have bills to the ceiling, racked up debts that seem unpayable, or you are looking for new ways to earn money, these rules can help.
Rule number 1.
Never and I mean never, co-sign on any loans for a family member or friend unless you have planted in your mind that you are totally ok with absorbing that debt amount. Being a loan co-signer isn't the same as being someone's reference. You are not vouching for the party trustworthiness; You are opening the door for the creditor to collect the rest of the money from you if or when the other party fails to pay.
Rule Number 2.
Keep track of your monthly expenses by making a list. What are you spending your money on? Make a list of every monthly subscription you are paying for and regular expenditures; Try to cut some of them out. Do you really need that Starbucks frappuccino every day? Do you need Spotify premium so that you don't have to listen to commercials? Finding where you can cut expenses will definitely strengthen your overall financial picture.
Rule Number 3.
If you don't fully pay off your credit cards every month, don't use them; instead, use cash or a debit card, especially on small purchases. Using cash or debit cards can save you hundreds of dollars on interest and will keep you from paying extra fees on your purchase from vendors who charge extra on small credit card purchases.
Rule Number 4.
This should go without saying but spend less than you earn. I see it time and time again, people living beyond their means trying to keep up with their favorite celebrity or friend with more than them. If you make $100 a month and spend $200 a month, you are now $100 in debt. As you can see, spending more than you earn will negatively impact you financially. Live within your means, budget, and save wisely, so you give yourself a fighting chance to come out ahead.
Rule Number 5.
If you are a senior, a veteran like myself, police, or belong to a car club membership such as AAA, ask the store if they offer a discount to your group. You are guaranteed to receive a minimum discount of 10%, which helps cut into the tax applied to your purchase. Keep proof of membership with you at all times, so you never miss out on the discount.
Rule Number 6.
Ignore the grace period from your credit card. Pay it off as soon as the thought crosses your mind. This so-called grace period leads to you forgetting about paying the money back to the credit card company, then they can catch you slipping, especially when you get accustomed to not paying your card on time. They hope you don't pay it in time because they make money when you pay interest. Paying your bills on time needs to be apart of your routine. Get it out the way, It
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What it all boils down to.
No matter what financial problems you may be having, the tested rules you just read will definitely help. Knowledge goes a long way, and you have obtained a decent amount of financial expertise. Please don't take my word for it. Put this advice to work in your own life. You'll soon find yourself free of financial problems and less stressed out or worried about money.