There are three ways to completely ruin any chance of saving for the future or for an emergency. Below, we will share how to avoid them and have a more healthy financial life.
Many people live off of their credit cards when times get tough and jobs are lost. This seems like the only way to pay bills, buy groceries and manage. But when all of the cards are maxed out and there is no way to pay down the balance, Enterprises TV knows this adds more financial stress to one’s life. Plus, the cards keep accruing a higher amount owed due to the rising interest rate. To avoid this, start paying off one card at a time. When one card is clear, make it the only card to use. Then, start paying off the others.
Spending more than one earns falls into the above category but can also hinder any meaningful chance to improve personal finances. It’s easy to find and buy a pair of new pants and then find three shirts to go with it. To avoid overbuying, track spending for a month to see where money is being spent.
The Enterprises TV show hopes to share useful personal financial suggestions with fans. There are days when we will all need savings for emergencies, retirement and to have a good credit score when we’re ready to invest in a home or new vehicle. And we also love hearing from readers what steps you take to save money or how you were able to afford a major purchase. Please feel free to share.