After you have bounced back from a period of drowning in debt, it is a time for new start. Because you have repeatedly practiced negative money habits, you will need to start building new habits and learning new ways to avoid the debt trap.
The key to avoiding any new debt is to be accountable to someone with your finances. By being accountable to another person, it allows you to stay on track and really watch what you are spending your money on. Especially in Southern California, we have a tendency to keep up with the Jones’. Remember, what you spend your money on today may add or take away from your future financial wealth.
If you are married, you and your spouse should have monthly meetings to review your monthly expenses and income. You should set financial goals and have a budget in place. By being accountable to someone will keep you on track, knowing that you have to answer for any over the limit purchases.
If you are single, enlist someone to be your financial accountability partner. This could be a family member or friend who you trust. Talking with someone will make you come face-to-face with the reality of your finances. By being accountable to someone, it will help you avoid becoming over-extended financially.
If you would like to set up a budget or need financial accountability, contact Deborah McNaughton, an Orange County credit and financial expert, at 714-993-1171 or http://www.financialvictory.com/ today.
Written by Deborah McNaughton
DEBORAH MCNAUGHTON is a nationally recognized author, credit expert, and financial coach, and is cofounder of Financial Victory Institute. Deborah is a monthly columnist for First for Women magazine and has been interviewed on hundreds of national television and radio stations, including CNN, Bloomberg Television, and Good Day New York. She has also been quoted as a credit expert in many publications, including Wall Street Journal, New York Times, and Today s Christian Woman.
