Tampa, FL (PRWEB) May 26, 2013
The first step to sticking to a monthly budget is to spend less money each month. It’s a simple and logical statement but one that people often struggle with. Debtors Dilemma is offering a few tips to help people avoid blowing their budgets by keeping an eye on spending habits.
A Kenosha News article recently suggested that people give their finances 15 minutes a day by taking another look at their budget and balancing their checkbook. Debtors Dilemma recently highlighted the importance of balancing a checkbook on their blog. Human error or bank error could be caught before checks bounce or a Non-Sufficient Funds fee is charged.
Debtors Dilemma stated. “Think through purchases before pulling the trigger. Ask questions such as: “Do we really need this?”, “Can we wait on this?”, or “Is this a necessity or a luxury item?” There is nothing worse than buyer’s remorse, especially if it is causing financial problems.”
As more consumers switch to using debit cards over checks due to greater convenience and instant access to funds this can also create the potential for racking up debt. Debit cards can be absent-mindedly swiped for purchases that may not be needed. Using a cash system could possibly cut back on those types of purchases. This method allows consumers to see the money in-hand and accurately assess the amount leaving his/her wallet. When shopping, Debtors Dilemma recommends compiling a list of items that estimates the price of each item then only taking that amount of money. This will ensure nothing outside of that list is purchased.
Even the $590 million Powerball jackpot winner should be educated on managing finances. According to Statistic Brain, within 5 years, 44% of winners spend their winnings. In order to stay away from a bad credit score and possible bankruptcy a financial education and sticking to a budget is a must.
Debtors Dilemma issued some tips on ways to curb spending in order to have and stick to a healthy budget, such as using cash rather than debit cards and taking time out to balance the checkbook.
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DebtorsDilemma.com provides useful tips and advice for managing financial debt.