Think about the mistakes you have made managing your hard earned money. Are you where you hoped to be? Have you met your financial, career, and personal goals? Have you set goals in the past? Did you meet those goals? If not, what holds you back? Have you ever set up a monthly budget for yourself?
The key to money management is budgeting.
You must know how much every month you are required to make to maintain your monthly bill requirements at the least.
Next, find out your average expenses for groceries, utilities, and other expenses.
Then, find out if you are overspending or overextending yourself with any bills or expenses you may have. Is there a product you purchase or a service you can downgrade or live without?
Finally, add up the debts you are carrying. With any money you have left over from your monthly budget, pay installments or payments to your debtors. Settle as many debts as you can. It may reduce your credit score in the short term, but carrying a debt or chargeoff account on your credit report is much worse… You can breathe easier with the debt lifted off of your shoulders. Set up a monthly planner to establish a payment schedule with dates and payment amounts. Stick to your payment schedule.
Setting goals will keep you on track and give you direction.
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