consumers need to know the size of their debt
New York, NY (PRWEB) October 29, 2016
National Debt Relief recently shared in an article published October 19, 2016 some signs for consumers to know if they are a poor money manager or not. The article titled “7 Signs You’re a Poor Money Manager Despite What You Might Think” takes a look at some of the most common consumer behaviour to help them understand their money management skill.
The article starts off by pointing out that there are a lot of people who are convinced they are good money managers simply because they have seen their parents do it and read a few books. However, it is similar to riding a motorcycle where seeing other people do it and having an idea how it works automatically makes them good at it. They need to experience it and actually do it themselves.
The article explains that one of the fastest ways to know if a consumer is a poor money manager is to check if they track their spending, Most people would be quick to remind themselves that they can remember whatever they spend on. That may be true for the first few minutes but it might be a challenge to list down all that after a month once the credit card statement comes in. Then they would be scratching their heads trying to remember what they bought in the past.
Having an emergency fund is another barometer for consumers to know if they are handling their finances wisely. The lack of reserve funds is a clear sign that they are not managing their money well. There are things that will be beyond their control and things can go wrong that is why it is imperative they have a back-up fund to rely on when the unexpected happens.
The article also shares that consumers need to know the size of their debt to manage their finances wisely. There are some who willingly avoids it so they do not have to face the reality of their actions. However, consumers need to understand that debt will rarely go away and will even increase over time if not settled.
To read the full article, click https://www.nationaldebtrelief.com/poor-money-manager-7-signals/