MONEY MATTERS

Make changes if you find that you are spending more than your means. If you have trouble living within your means, you need to understand the specific items sabotaging your wallet. Once you have identified them – whether they are car payments, restaurant bills, mobile phone charges or too many birthday gifts – you can make changes.

That double decaf latte may make your stomach sing as it goes down, but if you can’t afford it, it will give you a headache later. There are many ways to make deals with yourself to live within your means. You can brew your own cafe latte at home. You can buy a second hand car instead of a new one. Cut back on your clothing budget. Spending no more than you can afford is absolutely essential to financial control.

Minimize debt

If you have borrowed so much that you have trouble making the payments on your monthly cards, stop spending and stop borrowing. It is as simple as that. If you are in a hole you have to stop digging. Do whatever is necessary to make that happen.

In today’s economy, affording a house, or undertaking an extensive home renovation, means taking on some debt. Credit card debt is however, a different animal. You can’t take ownership of the rest of your financial life unless you bring your relationship with your creditors under control.

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