What I know about home budgeting today, I got it from mom. I remember her telling me not to make money matters, especially the lack of it, to be a fight issue between and my hubby. She always emphasized on savings, savings, and savings. For she said, in dire and desperate needs, you will have always something to rely on, instead running immediately to payday loans facility.
Here are some of the practical tips she impressed on me:
With those kernels of wisdom, how can one go broke?
Here are some of the practical tips she impressed on me:
- Wants versus Needs. Always ask yourself carefully when you are about to purchase something if it is a real need or just something you just crave.
- Prioritize. According to her, which is actually true, it is a lot easier to prioritize when you have already determined your needs over your wants. Spend money on those things that you really, really need.
- Save. Commit and set aside an amount. No matter how small, for future needs.
- Short-term versus long-term loans. Should you be forced to face a financial problem, always go for short-term loans like Cash Advance or salary advance. Always compare rates before you avail of any. Long-term loans charge higher interest rates that compound each year.
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