Golden rules to avoid debt

Oct 20, 2010

Don't borrow to your limits -

Lenders can be overzealous. Give yourself a bit of a buffer to cater for interest rate rises & unexpected costs

Prepare and follow your budget -

Well done if you set a family budget but you need to enforce it as well. Don’t get slack and relent to the pleas of your kids... or your partner!

Live to your means -

Living like a king on a pauper’s income is a sure recipe to disaster.

Don't keep up with the Joneses -

Just because your next door neighbours has the latest & greatest gizmo doesn’t mean that you must have it. If you can’t afford it then don’t get it. Be disciplined!

Cut up the credit card -

It's too easy to fall back on easy credit when you are short on funds. Learn to save for life's luxuries.

Pay off the loans with the highest interest first -

There's no point in paying extra off a home loan at 9% if you are not reducing the 24% credit card bill.

Tags: FamilyFinancial Planning

Author: Mr Taxman

Comments

"Hello, I was just going through some finance related sites and blogs and came across your site (http://www.mrtaxman.com.au/) too. I really found it interesting and informative. I am working and associated with many finance sites as a content writer and I write articles on various topics of Finances. I really liked the way you have presented your site. I would love to do a “Guest Post” for your site like I did for other sites without charging you a penny :) Some of the companies I co-author for are Community Development Financial Institutions, Oak View Law Group, Center for Community Development Investments etc. It would be great to be a part of reputed site like yours :) The article will be 100% original and will be published only on your site. If you want you can suggest me a topic and I ll write an article for you on that topic. Looking forward for a positive reply :) Thanks, Patricia Briggs Content Editor "

By: Patricia Briggs on May 18, 2011 10:28AM

Post a New Comment

comments-rhsLatest Comments