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Money Management Strategies

• Eliminate savings - Temporarily stop contributing funds to your saving account. Your high interest debt is costing you more than what you earn in savings. Concentrate on eliminating your high interest debt first such as credit card balances, auto loans, etc.
• Transfer debt - Transferring high interest credit card balances to a lower interest card is one of the smartest money management tactics you can do. It's easier to manage, and you'll save money in the long run.
• Create a budget - Create a monthly budget and stick to it. A budget is the most essential money management strategy. It allows you to keep in track of your finances, and indicates where money is needed.
• Use home equity loans or tax refunds - Using home equity loans or tax refunds to pay off debt is a good money management strategy that helps eliminate high interest debt.
• Curb your spending - Cut down the amount of money you use to go out to eat, and apply what you save to an emergency cash fund.

Important Money Management Advice: Once you pay off most of your debt, start putting money back into savings. Try to establish an emergency fund that your household could live off of for at least two months. That way if you ever run into any financial problems again, you won't go in debt.

Copyright 2002. Cash Advance Consultants.