People always say there are certain things you don't talk about: politics, religion, sex, and money. Any one of these topics can change people's opinion of you. Out of all four topics money is the common thread to everyone. Not being financially sound can make you feel as if you are less than others or having more can cause one to think they are superior to others. I think we can all agree that everyone does not need to know how much you have or don't have. We never want to make ourselves look bad because by letting people know that our accounts are overdrawn, your credit cards are at their limit, or possibly you had to skip some meals or couldn't provide a meal for your kids. Listed below is a quiz to find out what kind of financial shape you are in. Make a note of how many questions you answer yes to.
1. Are you borrowing money or using credit cards to pay for things you used to buy with cash?
2. Do you often pay your bills late?
3. Do you put off visits to the doctor or dentist because you can't afford them?
4. Are you near, at, or over the credit limit on your credit cards?
5. Do you make only the minimum payments due on your loans and credit cards each month?
BONUS QUESTION: Do you worry about money a lot?
If you had more yes answers than no answers, then your financial health might not be too well. Have you ever heard of the term money management? It's knowing how to save, spend and invest your money so that you and your family can successfully work toward your financial goals. If you are anything like me, your thought process is, if someone gave me money with no intent of me returning it, then I could use that money to pay my bills and decrease my debt. Well, it's not looking too good for me so I hope you are having better luck than I am.
Here are a few tips that can assist you in becoming a wise money manager: Track your spending, make a budget, balance your bank account, use credit wisely, set short and long term goals, and pay yourself first by putting money into savings or investing. By practicing these tips, you will be able to pay your bills on time, save for emergencies, plan for short and long term goals, and make it through difficult times. #SPEAK2MYHEART