Money madness-it happens to celebrities
We’ve all heard the stories of multi-million dollar celebrities and athletes who have lost everything. You must be crazy and stupid, right? Well, if you are carrying a huge mortgage, credit card debt, student loans and car payment, then it may be more like them than you think.
A rich celebrity who loses everything and whose home is in foreclosure is made the same mistake many of us. Spend more of what they do. If you want to stop the madness of money, you have to take a good hard look at yourself and your spending to set about setting things right for you and your financial future.
Money madness-set a monthly Budget
One of the most important things you can do for you, if you care about the financial welfare is set a monthly budget and stick to it. Set aside specific amounts of money on things like groceries and entertainment. When that money is gone, make up what they have left in the pantry and not going to eat. Look for free entertainment, or at low cost.
Did you know that the public library has movies and music CDs? In order to stop the madness of money, you need to take stock in what you are spending and clear objectives for you and your family in the form of a monthly budget.
Money madness-how to deal with credit card debt
As for credit card debt? The best tips for getting out of credit card debt are at the first stop using the credit for any purchases of any kind. It’s true! Do not use those credit cards. Then take a look at the different interest rates for credit cards. To pay systematically, before focusing on the card with the highest interest rate.
Pay as much money as possible on that card per month until paid. Then go to the next highest interest rate and do the same. If you stop making purchases using credit cards, stop the madness of money and eventually will pay off.
If you need to make a big purchase like a car or a piece of furniture, planning your purchase and save for it. You may be able to save any money for a piece of furniture and paying in cash, avoid paying the interest on the purchase. With a car, you may only be able to save a deposit before you have to buy it. In this case, educating yourself on the invoice price of its constructors and then enter the dealership ready to negotiate with the seller regarding the amount you’re willing to pay on the invoice of the supplier.
Resellers how to start the conversation with monthly payments, but you should never talk about monthly payments and instead focus on more than the invoice price you are willing to pay. If you want to sell a car, can negotiate. Just hang tough in order to stop the madness of money.