My husband and I grow older, the kids grow older and their wants and needs grow newer by the minute! Money doesn't change. It's gone by so short period of time it passes by our joint account. It's too quick to notice how money even looks like. Our credit cards should be hidden away, or cut the spending if we do not have cash on hand. Lastly, financial facts of life in my household tend to be worrisome, sometimes. Funny how we always arrive at this truth : Debts are about the only thing we can acquire without money. *** My husband pays our debts more than the current balance due fortnitely on pay days so we can avoid monthly interests on our credit card.
It is smart to pay credit cards as soon as you can to avoid costly late fees and interest. I try to make it a point to pay credit accounts first before other bills because you save a little money and do not get the stuff dings that come with credit accounts. I fully understand how expensive it is to raise kids because I have a couple of my own. They are not grown yet, but I imagine I will still carry the financial burden to some degree even when they are.
When I was a single, I did not have any debts. I had some savings on my bank accounts. I did not spend a lot of money on cosmetics, clothes, even in resturants and movies. I got married. My expenses grew, I had to buy costmetics, clothes, go to movies and resutrants. I had a child. My expense grew. I had to buy baby formulas, diapers etc. I don't have any savings now, I have debts instead. There is an imbalance between what I earn and what I spend.
I think sticking with the resources which save money can be one good option. Find cashback sites and the places. And only shop through them. So that some amount of money goes back into your account. You can see that by not doing impulse purchases, we save on more things. Also try to go frugal. That seems to be a way for handling the debt. And try to avoid taking loan. That should surely help as well.
Work or paid employment is starting to come my way since our younger children have grown 2 years more and are no longer quite "high-maintenace" as I would care for babies and dependent family members. I still homeschool them--which has benefited us more in saving money by teaching them at home myself. And because we do not depend on government funding through the school system, my husband and I pay everything for the education of our own children from my husband's paycheck. But, we get by. That's the most important thing. Btw, my recently acquired parttime job has been a great help.
I know how family debts can grow high. My father has invested in saccos and has some insurance. He had also taken a loan to be able to pay our school fee. He has also been able to secure himself while doing all these so he can be able to control how he pays debts and still have cash for food. I am inspired by how he handles debts and so I have decided to save early and I am also planning to invest early so I don't have debts with my future family.
The truth of the matter is there is no running away from debts as long as one is alive, and it gets a lot worse when it's not yourself alone that you are taking care of but an entire family as well. I have had my fair share of debt piling up but I was glad to later take care of it through some of the investments I made days back in Forex and bitcoin. Depending on one's monthly payment or salary can never be enough to take care of family debts accumulation. It's best to start up some investment or even start up some entrepreneur business to support your monthly income.
I am already retired and my wife will be retiring in 5 years time. At this early, we are already preparing for the worse because we know that the value of money is shrinking which means our budget today may be worth 50% in 5 years. It is scary to think that our budget would be eaten slowly by price increases. What happens when we are not earning money anymore?
This is truly a scary scenario for one to think and reason how to live without any means of earning money and making a good living. The answer to this problem is investment and probably starting your own proprietor business. This way, you and your family will no longer have to depend on working to earn money and make a good living, because from your efforts and sweat, definitely you are going to live comfortably.
I have been working in the government since the time I was employed I already incurred debts for my montly salary is always late. I have no choice but to go to the loan shark. I maintain my good credit standing with the lender and I am a good payor. She sustained my needs when I am running out of cash. At long last, I am able to free myself from that usurious lending for 20 years after I retired last October 2016. I have paid off all my outstanding debts with the lender. Now I am debt-free. I am regularly receiving my monthly salary.
This sounds like my family case. My father spent a lot of money on his children education. he always made sure that we got the high quality education. It was really difficult to pay for the educartion of 4 children. He incured a huge debt. Now his children have respoinsibility to acquire his debts.
Your situation is understandable. Having a credit card and being able to pay regularly at the same time can be quite challenging. Although we can argue that it's really up to the person or that it's a matter of discipline, the reality is keeping the balance is easier said than done. Your reasons for keeping your credit card are totally valid. As long as you don't let yourself go deeply into debt and you use your card wisely, it's totally okay.
