Home » Finance

Are You Living Beyond Your Means?

Mar 2, 2008
Are you living beyond your means? If you have more debt than you have assets, then the answer might be a resounding yes, although it is not usually as clear, cut, and dry as a simple comparison of assets versus debt.

There are a lot of cases where debt is completely expected, such as when you purchase a house, a car, or you have to repay student loans that helped you through college. This debt is alright and most of us can deal with these, but unfortunately a large number of people in the United States have become addicted to credit cards and the idea that they can get whatever they want, whenever they want and be able to pay for it at a later date.

They are sure that they will have the money that they need to pay off that big screen TV 6 months from now, because they are, after all, supposed to get that big raise by then. But, what if that raise is held up? What if they lose their job altogether?

There are a lot of reasons to have credit cards and lines of credit at banks, but you should make sure that you can handle your day to day finances with cash before you start habitually using a credit card for everything. Credit card debt can spiral out of control much faster than you may think and if you do not already have a good foundation of sound financial sense, you can run your credit into the ground in a heartbeat.

Start off by making sure you have an active checking and savings account at the bank of your choice. Different banks offer different features and perks, so research your options and choose wisely.

Next, try to make sure you can put at least $100 into your savings every month. If you can't, find something that you spend extra money on every month (a smoking habit costs a fortune to fund, by the way) and cut it out completely. Cut back on your utility usage or drive less.

Have family members crashing at your house and raiding your refrigerator all the time? People asking for you to be their taxi constantly? Boot them. You have to worry about yourself and if applicable, your children. You must resign yourself to the fact that you cannot help everyone around you with their problems, because if you try to, you are very likely to be taken advantage of.

Get rid of the freeloaders, if you have them, and do your best to cut back on your spending. Even minor daily purchases like a cup of coffee at Starbucks or eating out at lunch every day can cost you more than you know until you add it all up at the end of the month.
About the Author
Dror Klar is a writer in the field of finances and is currently assisting those in need of cash advances and payday loans, particularly in the state of New York.
Rating:
Please Rate:
(Average: Not rated)
Views: 162
Print Email Report Share
Article Categories
    • Artists
    • Gambling
    • Humanities
    • Humor
    • Movies
    • Music
    • Photography
    • Tattoos
    • Television
    • Classic Cars
    • Motorcycles
    • Recreational Vehicles
    • SUVs
    • Trucks
    • Vans
    • Branding
    • Business Opportunities
    • Careers and Jobs
    • Corporate
    • Customer Service
    • Direct Mail
    • Entrepreneurship
    • Ethics
    • Financing
    • Franchising
    • Home-Based Business
    • Human Resources
    • Import and Export
    • Leadership
    • Management
    • Market Research
    • Marketing and Advertising
    • Negotiation
    • Network Marketing
    • Networking
    • Organizational
    • Presentation
    • Project Management
    • Public Relations
    • Small Business
    • Strategic Planning
    • Team Building
    • Telemarketing
    • Training
    • Data Recovery
    • Databases
    • Games
    • Hardware
    • Networks
    • Operating Systems
    • Programming
    • Security
    • Software
    • Spyware and Viruses
    • Ask an Expert
    • College and University
    • Home Schooling
    • K-12
    • Languages
    • Online Education
    • Psychology
    • Coffee
    • Cooking
    • Gourmet
    • Recipes
    • Wine and Spirits
    • Acne
    • Aerobics
    • Alternative Medicine
    • Beauty
    • Cancer
    • Cosmetics
    • Depression
    • Diabetes
    • Diseases and Conditions
    • Fitness Equipment
    • Fitness
    • Hair Loss
    • Heart Disease
    • Medicine
    • Men's Health
    • Muscle Building
    • Nutrition
    • Skin Care
    • Supplements and Vitamins
    • Weight Loss
    • Women's Health
    • Yoga
    • Arts and Crafts
    • Babies
    • Collecting
    • Elderly Care
    • Genealogy
    • Hobbies
    • Parenting
    • Pets
    • Pregnancy
    • Woodworking
    • Feng Shui
    • Gardening
    • Home Appliances
    • Home Security
    • Interior Design
    • Landscaping
    • Affiliate Programs
    • Article Marketing
    • Auctions
    • Audio
    • Banner Advertising
    • Blogging
    • Broadband
    • Domain Names
    • E-Books
    • E-Commerce
    • Email Marketing
    • Ezines and Newsletters
    • Forums
    • Internet Marketing
    • Link Popularity
    • Pay-Per-Click
    • Podcasting
    • RSS
    • Search Engine Marketing
    • Search Engine Optimization
    • Security
    • Social Media
    • Spam
    • Video
    • Viral Marketing
    • Web Design
    • Web Development
    • Web Hosting
    • Copyright
    • Cyber Law
    • Intellectual Property
    • National, State, Local
    • Patents
    • Regulatory Compliance
    • Trademarks
    • Buying
    • Selling
    • Baseball
    • Basketball
    • Boating
    • Cycling
    • Extreme Sports
    • Fishing
    • Football
    • Golf
    • Hockey
    • Hunting
    • Martial Arts
    • Running
    • Scuba Diving
    • Soccer
    • Swimming
    • Tennis
    • Dating
    • Divorce
    • Marriage
    • Weddings
    • Astrology
    • Buddhism
    • Christianity
    • Faith
    • Hinduism
    • Islam
    • Judaism
    • Meditation
    • Metaphysical
    • New Age
    • Cable and Satellite TV
    • Cell Phones
    • Communication
    • Gadgets and Gizmos
    • GPS
    • Satellite Radio
    • Video Conferencing
    • VoIP
    • Addictions
    • Coaching
    • Goal Setting
    • Motivational
    • Stress Management
    • Time Management
    • Clothing
    • Electronics
    • Fashion
    • Gifts
    • Jewelry
    • Causes and Organizations
    • Environment
    • History
    • Holidays
    • Men's Issues
    • Nature
    • Philosophy
    • Politics
    • Women's Issues
    • World Affairs
    • Air Travel
    • Camping
    • Cruises
    • Destinations
    • Outdoors
    • Article Writing
    • Book Reviews
    • Copywriting
    • Fiction
    • Non-Fiction
    • Poetry
    • Quotes
    • Screenplay
    • Tools and Resources