subject: 5 Things That Will Put You In A Financial Hole [print this page] For many people, personal finance can be a very shaky situation in their lives. Easy credit and an economy and mortgage system that is on very unstable ground has left many people reeling and wondering where to turn next. There are things that will help you dig yourself out of the hole, but there are just as many things that if not reversed will leave you going the other direction.
Here are some things that left unaddressed can keep you in debt and looking for financial stability:
1. Carrying credit card balances. It has never been a secret that carrying credit card balances is not wise and can cost you thousands of dollars in unnecessary interest payments. But most people do not realize just how financially debilitating this can be. If you look at your credit card statement, it will be very easy to see how long it will take you to pay off your balance making only minimum payments. You can owe less than $5,000 and if you make only the minimum payment, you will be looking at about 14 years of repayment.
2. Not paying attention to your credit record. Looking at your credit record is the only way to ensure erroneous or incorrect information is dealt with in a timely manner and can do little or no damage to your credit score.
3. Living paycheck to paycheck. Even if you have an emergency fund of $500-$1,000 it can save you a great deal of stress and will keep you from having to charge small unexpected expenses. This is a start, but in order to survive unemployment, you will want to try to have an emergency fund of 6 months if possible. This will help you avoid losing your car and your home.
4. Not saving for retirement. No matter how low your expenses are, if you think you can live on social security you are going to be surprised. And the days of big pensions are gone. It will be up to you to make sure that you are financially prepared for retirement. Statistics show that many people do not have what they are going to need to live on after they stop working.
5. Doing what you need to do to fix your finances. Many people need help to fix their finances, but they do not realize it. They go on for many months thinking they can get out of debt and instead they are really digging a deeper hole, by delaying getting the help that they need even if it is bankruptcy. The sooner you do what is needed to fix the situation, the sooner you can get your life back.
If you can avoid or change these things, you have the potential to have financially stable future.
by: Marjorie Salada
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