4 ms·
-Define a budget -Pay yourself first. Allocate your savings at the beginning. 10% of earnings is a good start. -Use cash to allocate all your expenses when yo
by WheelsAtLarge 5y ago
-Define a budget
-Pay yourself first. Allocate your savings at the beginning. 10% of earnings is a good start.
-Use cash to allocate all your expenses when you get paid. Put your cash in envelopes so you can see where your money is going.
-Cancel all credit cards
-Don't borrow money unless it saves you or gives you money in the future.
-Get rid of all loans asap.
-Join a support group. It's a marathon to fix the problem. You can't fix it in a sprint even though you really wish you could.
- pkrotich 5y agoCanceling credit cards is terrible idea if you care about credit - which has impact on managing your financials. If reason for cancel is to avoid using them then I would say cut them, but keep credit. Not all credits are bad… using them unwisely is tho.
- noahtallen 5y agoYeah. If you have crippling credit card debt, maybe you need to not have credit cards to prevent overspending. But I doubt most people need that — they just need to treat credit cards as normal cash, where you automatically transfer money to cover all your credit card transactions each month. Lots of budgeting tools (like YNAB) do this automatically so you don’t even have to think about it.