If you are in such a sad financial situation that you cannot afford to pay for the things you need, relax a bit. Your future is yours to create, and you can improve your situation. Once you have been armed with the right financial tools, you could then turn your financial situation around.
Set up your debit card so that an automatic credit card payment is made each month. This will make it a little harder to forget.
Signing up for a frequent flier reward program is a great way to save money or be rewarded if you fly often. There are many credit cards that offer rewards for purchases that you can use to get discounted or even free air fare. You may also be able to redeem your miles at certain hotels to get a discount, or even a free room.
Keep at three months income in this kind of fund. A good way to set this up is to take 10% of your earnings and put them in an online savings account that pays .5 – 1% interest.
Keep small amounts of cash on hand for small purchases and use your debit card for larger ones. Don’t solely rely on credit cards to make purchases. Some credit card companies won’t allow you to make small purchases; thus, if you don’t want to be caught in an embarrassing situation where you can’t pay for your purchases, you should always carry both cash and your debit card.
Make sure you pay attention to the news so you can expect market movements. Often times people do not watch the world markets but you should! If you decide to get involved in the stock market, make sure to keep up with world events.
If collectors are harrassing you for repayment of debts, try and do some negotiating with them. They most likely bought your debt from the original company for a much lower price. Even by accepting a percentage of your balance, they are still able to profit. Keep this in mind when you work with collection agencies to resolve your debt.
Now that you understand finances a little better, you should be a lot less stressed out about them. Use the information in this article to improve your financial situation, and continue to learn as much as possible about financial management. You are on your way to becoming debt-free. Be proud of yourself.