Many of your recent checks might have been returned by the bank due to lack of funds. Sooner or later harassment will start from the company that has issued the credit card. You will also be forced to be selective in taking telephone calls for fear of getting payment reminders.
You are unenviable situation being broke, in spite of your receiving your wages today. This is time when the idea of spending as per a well prepared budget, strikes you as something which is great. A few pointers to enable you to prepare and plan a budget, given below, will be of use to you.
The general advice, when you have used up all the credits allowed in your card and you are finding it difficult to make payments is to stop using the card and give it up altogether. This step is not advisable, though it will look like the best option and the wise thing to do. Pay your dues retain the card and continue using it.
Cards should be used when there is no surety of the amounts present in checking account. But the balance of credit card should be paid in full. In this way the NFS fees would be avoided and you will also be able to use “credit card rewards programs” for earning points. These will let you shopping and dining.
This can also be a source of saving money and bringing money back into the budget.
Next you will be required to have discipline in your needs and wants and this can be very much simple. You should not go for anything that you don’t need and these can include overpriced shoes, gourmet coffee and the sports car.
It is a very difficult thing to maintain. Budgeting is all about being selective in expenditure. It should not be forgotten that this exercise becomes unfruitful if you cannot properly identify essentials.
One more thing that you should be clear about is what you earn and if you are spending more than that. If this is the case then the needs should be reevaluated and you should be honest in this. Efforts should be concentrated towards spending less that your earnings.
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