Everyday we see those funny commercials about Free Credit Reports and how important it is to know how your credit is doing. I heard a funny statement over the radio the other day: "For young adults, its not about having a good SAT score, its about having a good credit score... a credit score will follow you for the rest of your life."
Now, this can obviously apply to money spenders of all ages.
MSN.com featured an excellent article about
10 bad habits that head to debt disaster. By understanding the little things that you are constantly doing wrong, it can have a tremendous positive long term effect.
One bad habit was "Failing to alert creditors about a financial hardship" This is essential when you feel as though you are in a tight corner. Speak with your creditors and let them know that you were laid off recently. Negotiate a lower interest rate on your mortgage if you've always had good credit, but lately have trouble paying the bills.
Sometimes, people need to know your situation; they can't assume everything is okay, after all these people are just doing their job. Even if you get nothing out of it, maybe next time they will be more understanding of the situation or will try to find a better solution.
Another one I loved was "Thinking of 'budget' as a dirty word" When I tell people I'm trying to stay "On Budget", often I get the reaction of ridicule. Everyone tells me as a female young adult, that I am easily enticed by clothes at
Forever 21 or Lotions at
Bath and Body Works. Budgeting doesn't mean giving up on the things you purchase. It is simply stretching your dollar to custom fit your financial hardships. I may not be able to buy the jumbo sized Mango lotion, but maybe I'll try the sample sized and see if I like it first. Perhaps I don't need to buy a slice of pizza, I can wait till I get home and munch on something until then. Little maneuvers like this make budget a more friendly word.
What are your financial blunders? What bad habits are you trying to kick when it comes to money?
Comments (3)
I try to not spend more money than I should. I pay all my bills first, other obligations [food, gas,etc], and then MAYBE if I have anything left over, I'll use some of it on clothes or whatever. I need to start saving more. I have a savings account, but there's only a few hundred in there. :-x My checking always has more.
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