Tuesday, December 12, 2017

Personal Finances

Money problems often accompany separation and divorce. A thin budget can be stretched even thinner because now there are two households instead of one. Parents need to consider their economic situations before making new plans. Using the following fundamentals will give you more financial stability.

Budget


  • If the money runs out before all the bills are paid then you need to make a budget and stick to it.
  • Control is the key. If you can control spending from your checking account, then write checks to pay for your necessities in life. Get a no fee, interest bearing, checking account. If you can't control spending from your checking account, then go to a cash only basis.
  • If you need something other than cash, you can get a money order or cashiers check. The small fee you pay for a money order or cashiers check will be far cheaper in the long run if it helps you get your finances under control.

Credit Cards


  • Limit yourself to one. Have a low credit amount available - not more than $500.00. Get a card that has no annual fee. This will help you establish a good credit rating.
  • The best way to earn up to 20% interest is to pay off your credit cards. Not paying interest is as good as earning interest. Carry no balance, pay no interest. Purchase only what you can pay off in full at the end of the month. Live within or below your income.
  • Avoid debt at all costs, even if you have to put off buying. Banks make money lending money to people, who can't save money.

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