MONEY MATTERS

In this era of immediate gratification, we are all invited to buy now and pay later. Yet research has shown that the joy of a purchase has often worn off even before the shopping bag has reached its new home. We have neglected the practice of saving the old-fashioned way, but the time has come to embrace the traditional strategy. We have to plan well and stick to our plan.
Get a debit card instead of a credit card and deposit any income into this new account on a regular basis. Deposit funds at the beginning and in the middle of each month so resources are spread evenly. When the money runs out, you are forced to stop buying. Try to save a percentage of your income into a savings account so you can save for big-ticket items, festivals and other special occasions.
If you are in a credit card debt, devise a payment plan and a time frame in which to reduce it. Pay a regular amount off the balance until it is at zero, then put the card away or cancel it. Paying off the minimum balance each month only makes the problem worse as you pay a high interest rate and are still left with the problem.

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