From the Bank: If You Don't Have it

Wise words from youtube's Kid President:

"If you don't have no money, don't spend it... don't spend it."

It is his simplistic take on the US economy but I think it settles with all of us. No matter how you came upon your current debt, you have decided to pwn it, so DON'T GET MORE. Just remember, we are trying to lower those debt figures. If you already have debt, you should probably not get a credit card. Buying on credit means buying something before you have the money. Even if you do have money, or will have it, its just too much temptation to spend more than you have, too much interest if you miss a payment, another set of money to keep track of and think about, and you will usually always be behind on a payment, which just means you're in debt, again. Obviously if its an emergency, do what you must, but these will be rare occasions. Before getting a credit card or another loan on something big, ask family, ask friends, if they think your purchase is a good decision or even if they would help you with the funds if it is something you need.

This goes for your budgets, too. Don't spend over your set budgets. You may have enough money to get those shoes or that tool, and it won't seem like that much, but every purchase outside of necessity or the occasional treat, means a longer time snuggled close to your debt, with added interest. If all of your budgets are maxed, don't buy anything else, even if your account says you have the money. You can put the extra money into your debts or into savings. The quicker you pay off your debts, the smaller your total payoffs will be.


BankTip#3