Don’t be too proud to declare you have a crisis. The longer you wait the worse the problem will get. Take action!
Interest is a bottomless pit that will drag you deeper and deeper into debt. Make sure you study the fine print and total costs when taking out loans and/or Installment sale agreements. If you have any extra cash, pay it into the highest interest bearing credit facilities you have. Do not buy luxury things using credit facilities. If you cannot pay for it,then don’t buy it. This simple philosophy can change your financial future and well being tremendously. Draw up a financial statement so you can see and analyse where your money goes. You cannot fly an aeroplane without controls the same as you cannot make financial decisions without a budget. Saving for emergencies is one of the most important things a person can do, I know sometimes this is not easy as every cent is used for survival. But every endeavor needs to be made to save even a small portion of your income as if emergencies happen then funds are available. Do not buy brand names, they are more costly more often than not for the simple fact that you pay for the name. Look for alternatives if possible. Shop around, do not take the first estimate as the best price. For example, get comparisons quotes for your vehicle repairs etc. Do not try keep up with your friends, neighbours etc. Trying to compete and stay abreast with technology and fashion etc will only place you in a difficult position. Expensive cars etc are not a prerequisite they are a WANT. Always ask yourself this question, do I need this item, or do I simply want this item?
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