- Don’t fall in to the same trap again.
- Use the money saved from the refinance to pay yourself to save an emergency fund and long term financial objectives like funding for education or retirement.
- Formulate an Income & Expenditure budgeting and sticking to it. Allocate your income to pay your bills, budget for groceries, petrol consumption and saving. Put your monthly bills on an automotive payment plan using a dedicated checking account each month, and keep a small surplus in the account. Using a credit card that gives cash back for grocery or any household purchases is a smart way to make these purchases. It is convenient and some cards offer you a good reward for using them when making these purchases. Just make sure that you budget for and pay the balance each month.
- Control your life style expenditure, don’t be greedy or lured by any get-rich-scheme that only to lose your money, buy enough medical insurance cover to protect you from over indebtedness again due to any unavoidable circumstances.
- Keeping your finances in order takes planning, discipline and a commitment to stay ahead.
- Making extra income by involving into a part time career or starting some small business.
- Picked up financial planning and investment knowledge to learn how to accumulate and multiplying your personal wealth.
- Obtain further financial advice from a licensed financial planner.
Following these above sound practices will help you stay out of finance debt and begin to build personal wealth.