Know
Your Financial Situation
Determine monthly living expenses, occasional expenses
and monthly debt payments.
Develop
a Realistic Spending Plan
Follow your plan as closely as possible. Evaluate
your plan by comparing actual expenses with planned
expenses.
Set
Financial Goals
Determine short, mid and long range financial goals.
Ask yourself "How is my financial situation going
to be in a year or two?" The more thought and
planning you put into it, the better your situation
will be in the future.
Use
Credit Wisely
Don?t allow your credit payments to exceed 20% of
your income. Avoid borrowing from one creditor to
pay another.
Don't
Allow Expenses to Exceed Income
Don't charge more every month than you are paying
to your creditors. Avoid paying only the minimum on
your charge cards.
Plan
for the Future
Save for expenses which occur infrequently, such as
car and home maintenance. Save 5 to 10% of your income.
Accumulate 3 to 6 months of job earnings in an emergency
fund.
Pay
Your Bills On Time
Maintain a good credit rating. If you are unable to
pay your bills, contact your creditors and explain
your situation.
Keep
a Record of Daily expenses
Be aware of where your money is going. Keep a record
of what you spend your money on every month.
Tips
provided by Consumer Credit Counseling Services and
Southwest Gas.
