In this tough and uncertain economic climate the average person’s job security is worryingly unstable. Combine this with an ever increasing cost of living that doesn’t truly reflect inflation rates and most of us are having more than one sleepless night worrying about the state of our personal financial affairs. However there are many steps that we can all take to ensure that we remain in personal control over our own finances. This article explores some of the best techniques to accomplish this:
Erase all your existing debt at once if at all possible.
Of course this is not always a possibility. However if you are one of the many people who happily live through their credit card overdraft you should balance that account immediately. Indeed it would be wise to deposit extra funds into any credit card account so you can still make emergency purchases with the card without putting the account into overdraft. This is important because it removes the risk of forgetting or not being able to pay off your outstanding balance at the end of each month, so should you lose your source of income you do not have to be concerned with the late payment penalty fees and the interest on your debt that will continue to gain momentum the longer it is unchecked.