There is a very slim line between financial solvency and financial distress. You might not realize you are on the wrong side until it is too late! It is often easier to not think about you financial picture and just live day to day.
However the sooner you realize you are in trouble the better chance you?ll have of getting out of that situation. Here are some questions to ask yourself.
Are you constantly paying late fees or juggling your monthly bills by paying just enough to keep things going but never paying your balances on time and in full?? Perhaps you are basing your plans for a secure future financially by counting on a future windfall, such as a large inheritance, a winning lottery ticket or a large tax refund. If you are thinking this way you are heading for a fall!
How many credit cards do you have in your wallet? Credit cards are a convenient way to make purchases without having to carry cash. It is possible to be a savvy consumer and use credit cards to your advantage, earning reward points for purchases you make. If your credit card debt is constantly rising you should make it a priority to pay off your cards and get rid of them! Carry only one, which you only use for emergencies.
Do you find yourself fighting with your spouse over your finances? If this is a constant practice you need to take a look at your income, perhaps there is just not enough disposable income to finance the family?s spending. If you can?t sleep at night perhaps it is time to seek a free, nonprofit credit counseling service.
Overdraft fees are similar to late charges. If you are constantly incurring fees for overdrawing your checking account this is another red flag that you may be heading toward financial disaster!
How is your savings rate? Think of your saving account as an expense and should be budgeted for just like any other household expense. It may be hard to save but not saving can put you at risk for financial hardship. You need to set aside money for unexpected emergencies and for your future retirement
If you do have a retirement fund are you covering your expenses with your retirement savings? This is not only a warning sign that you are living beyond your means but it could have severe consequences for your retirement.
Don?t use your home equity like a piggy bank! It used to be that you could count on your home gaining in value every year. This is no longer the case and your goal should be to pay off your mortgage, not to take on a home equity loan.
If any of these signs are speaking to you take a hard look at your finances and see where you can cut back so that you are living within your means. There are many free, nonprofit credit counseling services out there to help you. You can search for a free or low-cost counseling provider in your area by visiting the National Foundation for Credit Counselingwebsite or by calling (800) 338-2227.
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Source: http://homefront.prudentliving.com/frugal-tips-are-you-heading-toward-financial-disaster/
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