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Tuesday, May 25, 2010

Live within your means

Credit is a sometimes wonderful; sometimes terrible thing.
The major advantage of access to credit is the ability it gives us to achieve instant gratification. The major draw back is if poorly managed it allows us to extend ourselves beyond our means to repay.

Maybe the problem lies within the major advantage. Instant gratification - while...instantly...mmm... gratifying does not always mean the most sound financial decision.

When shopping ask yourself: do i need it?
One way to see if you need something when you go shopping is to make a list of all the items you need to buy before you get to the shops. This can help you avoid impulse buying. Impulse purchases may make us feel "nice" or give us a sense of temporary joy however they are often unnecessary things. Ever wonder why shops now make you queue between rows of sweets... because if you stand there long enough looking at them you will upon impulse just add one little snack for yourself.

Whether under debt review or debt pressure one key to success in dealing with your situation is to adopt a mental attitude of living within your means. Plan ahead financially and stick to it. Do a budget, monthly if necessary and stick to it. Budget in the snacks too if you must but then stick to your plan and live within your means.

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