Managing Money

Set Financial Goals
After you have compared your income and expenses, your next step in the process of being financially secure, is to set financial goals. If you decide to set your goals make sure they are realistic and achievable.

Examples of realistic goals could be:

  • Paying off a $5,000 credit card balance over a 2 year period.

An unrealistic goal could be:

  • Paying off a $150,000 loan in 12 months bearing in mind that you have an income of $50,000 annually.

Manage your Credit Card Debt
Eliminating your credit card debt is a great goal. Even though financial goals are important, take into account that the most important goal of all is to get out of debt. This has to be your number one concern. If you have credit card debt, it will be charging the highest interest rate so this must be eliminated first.

If you can only pay the minimum amount offered (the minimum amount due is notified monthly) then it may take you years to pay off the credit card balance because of the ongoin...

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