Between the mortgage (or rent), food, and fun, your finances are probably stretched thin. Throw in a kid or two and your budget is probably tighter than the lid on a pickle jar. And with credit cards making it is easy for you to spend more than you can actually afford, you could quickly accumulate more debt than you can manage. So please be careful and follow the below financial management tips.
Financial Management Tips: Keeping track of your Finances and Avoiding Debt
1. Be Thrifty: If your finances are tight, do not splurge on items that you do not need. Do you NEED the iPhone 5? Probably not. Do you NEED the latest version of Madden? I don’t think so. It is important to live within your means. So instead of spending every last penny each pay period, put a few dollars away every two weeks. Then, before you know it, you will have a nice little chunk of change saved up!
2. Expect the Unexpected: Saving money every month, like we just mentioned, will help you budget for the unexpected. Without an emergency fund, you could fall even deeper in debt when your car breaks down or your pipes burst in your home.
3. Avoid using that Credit Card: Relying on your credit card for every purchase could get you into trouble. Because when you don’t know how much money you have in your account, it is easy to overspend. So try to use your credit card sparingly, instead opting to pay cash for most purchases. This will help you better keep track of your finances.
4. Manage Debt: Don’t let your debt spiral out of control. Keep track of repayments and be sure to pay on time every month. You can also try to reduce your payments by shifting your debts, perhaps from one credit card to another.
Hopefully you have found these Financial Management Tips useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!
Potomac Valley Management, LLC has been providing quality property management services to the DC Metropolitan area since 2004. We specialize in multi-family property management for apartments, cooperatives and homeowner’s associations.
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Join the discussion One Comment
Thanks for the tips on managing your money and avoiding debt. I agree that one of the biggest and best things you can do is to be frugal and thrifty in the first place so you don’t overspend. In my opinion, you should try to save up for something before buying it and try to pay for as much of it as you can up front.