Stay out of credit card debt ----- New Year Resolution “2010”
The holiday season has always been a time when you spend your money for enjoyment, celebration and gifts. Sometimes pocket won’t allow then also we spend. It has become a reason for increase in debt amount. Now, time has come to make a fresh start. There’s no better New Year’s resolution than to pay off your debts and clean up your credit record. So that for whole year you will be out of debt and can spend your each day without any tension.
To stay out of debt you need to take some decision.
Do's to stay from debt
Clear all previous debt.
If you have debt already on your head try to pay off. It would really help you to take new decision in your life.
Make budget according to your pocket.
When you prepare budget see your income and accordingly make your expenses. It will help to set priority in budget and controlling your finance.
Always keep enough cash with you.
When you go for shopping always keep sufficient cash with you and keep care of it that whatever you purchase that would come under the cash available with you.
Keep track of expenses.
Monitor and identified your hidden expenses, and take out the solution how to stop it.
Save money.
What ever money is left at the end of month try to save it rather than spend it. So that when you required extra money you can easily manage it from your savings.
Invest money for plans like retirement plan, provident fund etc.
Be futuristic, and invest money in such plans so that you need not to be worried about your future.
Do review your credit reports.
After a period of time keeps reviewing your credit reports so that you will be aware of your debt status.
Do make sure safe investments are actually safe.
Take advices from your financial adviser before investment and make it sure that it safe and help you to create your wealth.
Don’ts to stay from debt
Avoid payments from credit card.
Do not use credit card for making payments when you go for shopping or restaurant or any where.
Avoid copied others.
Avoid copied other life style. Spend life in such a way that would come with in your income.
Avoid borrowing money for debt consolidation.
Do not take loan or borrow money for your debt. It will not keep you to away from debt.
Don't invest in anything you don't understand.
When you are not aware of something then do not invest money in that things because it would become very difficult to handle.
Don't forgo necessary insurance.
Don't take more risk than you can handle.
Before taking risk think twice or thrice that how much risky it is? And will you be able to face it or not.
Don’t overpay your debts.
Keep sufficient money with you so that you can spend it for whole month. Then pay your debt whatever extra money is left with you.
Ignore credit card offers.
Do not run after the offer given by credit card companies. Ultimately you will have to pay that amount.
By keeping all this things in mind it becomes very easy to start New Year with lots of fun and joy with out having any tension.
