Monday, May 9, 2011

Of Credit and Financial Management

I guess no one wants to be in debt and not be able to pay for it. However, there are times no matter what we do; there are instances where we need to borrow money. Emergency arises when we least expect it, and one of the options is get a loan or borrow money to ease our financial burden.

We just need to be in control of what we are spending. We often heard from our friends that we should not spend more than what we are earning because we’ll just be left with major money problems in the end. Some say that credit cards are “evil” but in my opinion, they only become evil if we don’t know how to use it.

Here are some things we need to do that can or might help:
Prioritize: Know your needs. Only buy what you need at the moment and set aside savings from your earning.

Make a List: Put all your receivables and payables in writing, in that way, you know if you are on the right track.

Label: This I have heard from a financial expert. Learn how to have individual envelops and label it accordingly say for example: tuition/insurance etc.. Put money on each envelop when you have money and you’ll be amazed that you have filled out your envelops for payments and even have some extra to buy what you want.

Make a Research: or ask for help concerning your financial burden. Nothing is better is if you ask for assistance. Also, make it a point to read everything about your loan, credit standing and more.

The least thing that you can do is to hurt your credit scores and standing, If that happens, it’s pretty hard to bounce back, so as much as possible be responsible and know your responsibilities. There are websites such as Credit Sesame that have valuable information about debt management, mortgage refinance, improving credits and more.

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