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False Sense Of Financial Security - How To Manage Money

Would you say that you are living the 'American Dream'

. Right now you are blissfully married, you have 2.5 kids, a dog, a nice home with a white picket fence, you drive an SUV and a mini van and you are probably in debt. Your story is the same as millions of other people in this country. Okay, so this may not totally by your story but its pretty similar. In fact the debt part is probably the only absolute truth. You are able to make all of your minimum monthly bills and are getting by just fine - or so it seems. You've been lulled into the false sense of financial security and think you know how to manage money. The reality is you may be in a real debt problem. Here is a list of ten warning signs that indicate you might be in over your head.

1. You have little to no savings

2. You are only able to make the minimum payment on your credit cards and other bills

3. You have been denied credit

4. You use cash advances from your credit cards to pay other bills such as heat and hydro

5. You are sometimes late with your bill payments

6. You keep buying things with your credit card adding to the balance

7. You don't even know how much debt you have

8. Your bank accounts are overdrawn and sometimes you bounce checks

9. You have one or more credit cards that are close to the limit or are maxed out

10. You've lied to family and friends about your debt and over spending

Do any or all of these statements sound like you? Even if only one of those is true you might be in a little financial trouble and may need to learn how to manage money once again. The good part is you are able to fix it. The bad part is you must start taking control of your finances right now. The longer you put it off, the worse your financial situation will get. Finances are something that can't be ignored or forgotten about.

STEP 1: It's time to make a check list and go through it. Sift through those ten items and find out the parts that correspond with you.

STEP 2: Find a way to correct those problems. You have no savings? Start building an emergency fund. Add $25 a week or whatever amount you can to increase that balance to $1000. Do you keep buying things and increasing your credit card balance? Only use cash and start paying off your credit card. The list goes on and on but you have to fix those problems.

STEP 3: Set goals and begin to make them happen. Tomorrow isn't the best time to begin making goals. Start today - better still, create them right now. Don't make goals that are too high, create financial goals that are able to achieve like cutting your hydro bill by five or ten percent or save some cash by quitting smoking. Baby steps are key to goal setting and learning how to manage money.

Being lured into a false sense of financial security is easy if you don't know the signs of serious financial problems. If you have gone through this list and have found any matches it might be time to start fixing those problems before your security turns into a huge issue. Understanding how to manage money is simple and anyone can make it happen.

by: Brandon Schmid
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False Sense Of Financial Security - How To Manage Money