Money Disappearing Faster than Ever
By LoanRP on Jan 2, 2008 in Finance
It’s no secret that people have issues with money in this day and age. The average American credit card debt is somewhere between $8,000 and $9,000, well out of range of what most people can afford. Mortgages, student loans, credit card payments, and a dozen other necessary financial burdens start to pile up in most peoples’ twenties and are often not reduced for a decade or more. It is a sad state of affairs when you cannot figure out how to get by with a solid annual income.
But, there are things you can do, well before you start to owe that much money that will assist you in finding a small mote of financial freedom before you are at retirement age.
· Keep and monitor separate bank accounts for the sake of putting aside and saving money through low yield savings accounts.
· Always make major purchases less than $10,000 in cash if you can. This reduces the advent of additional credit for anything other than a major car or home purchase – things that credit is designed for.
· Carry only two or three credit cards at the most. These should be emergency and online use only cards and not a standard form of payment to be used whenever you see something you cannot quite afford.
It might sound hard, but if you make the right financial choices now, you can save yourself a mountain of worry in the next five or ten years.
Technorati Tags: bank accounts, credit cards, mortgages
