- Control Spending. Put all your bills in one place. Keep a list of the bills that are coming due. Do not spend more than you take out each week. Set-up a separate “Bills” account with automatic payments.
- Don’t Exceed Credit Limits.It is wise to Follow the “20/10 Rule”. The “20/10 Rule” is a method that people use to control this area. It is a method that keeps you from credit card debt exceeding more than 20% of total yearly income after taxes. Also, each month, don’t have more than 10% of monthly take-home pay in credit card payments.
- Develop an Emergency Fund: Save 5% of your weekly take-home pay each week. Do not touch it unless you truly need it for something important. * A MUST in 2017
- Making at least the Minimum payments: Always pay at least the minimum monthly payment on-time each month. Make timely payments!
- Maintain Contact Information: Keep addresses, banking information, etc. current with creditors and most of all: communicate with them.
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