I work in finance and I'd like to offer a few tid bits to make your financial life more pleasant and my job tolerable.

[Anonymous]

First of all, I sincerely desire to see people thrive financially. Even if you can't thrive, you can stay afloat if you are responsible and accountable. I have been doing this for almost 10 years. I realize many people have been in this business a lot longer, but I have seen enough that I feel I can offer a few nuggets of advice that may save people some headache in the long run.

1. Pay day loan companies are predatory. I know things get tight and unexpected expenses happen, but I have had people in my office literally weep because they didn't read the fine print online and are paying a 200% interest rate. Avoid pay day loan companies. They are more dangerous than helpful.

2. On a related note, if you already are having problems paying your bills, loans are not the answer. You are only adding to your financial burden because it's just something else you have to pay back. It may serve as a bandaid for the moment, but you will be in worse shape next month when you have yet another payment you are responsible for.

3. BUDGET and keep track DAILY of what you spend. Do NOT rely on overdraft and convenience services to make sure your transactions are covered.

4. BEFORE you give your account / card info to any merchant, website or individual, make sure you are comfortable with it. Don't give it out and then change your mind. In other words, it's your responsibility to protect your assets. Giving out your information without thinking it through is negligence on your part.

5.Pay your bills FIRST when you get your paycheck. THEN do whatever else you need to do. Trust me. I beg of you, listen to me on this.

 

[brittany208]

check, check, check, check, and check!

[CanInTex]

Bump

[MicheleJM]

I might add if you can set up an automatic transfer to savings even if its five bucks a week. Keep the change type of accounts like B of A has are great too. Cut up credit cards until they are paid off. Concentrate on the biggest debt, high intetest rate and pay just above minimum on others. Then go to the next. This worked for me. And Quicken is great for tracking bills and budget. Lay them in there each month and you know what you can do when. It works for me.

[Anonymous]

I thought this was common knowledge. Who doesn't do this?

[TSNDDY]

K, that seems like a no brainer to me.

[Anonymous - Original Poster]

 You'd be amazed

Quoting Anonymous:

I thought this was common knowledge. Who doesn't do this?

 

[Anonymous - Original Poster]

 Yet people don't do them.

Quoting TSNDDY:

K, that seems like a no brainer to me.

 

[Anonymous]

#5 is not always easy to do.

When it comes down to either putting food on my table or paying a stupid credit card I choose the first option.

I would rather have bad credit than hungry babies

[Anonymous - Original Poster]

 If you can't feed your family after paying your bills then you've overextended yourself. Pay the credit card then use the credit card to buy groceries.

Quoting Anonymous:

#5 is not always easy to do.

When it comes down to either putting food on my table or paying a stupid credit card I choose the first option.

I would rather have bad credit than hungry babies

 

[Moogie1005]

I would add pay bills with a check/money order and/or keep your receipts. I have seen people lose their car, house, or have to pay extra because they had no proof of payments. Creditors do mess up / lose data sometimes.