You should consider how to build credit using good money management skills today. Your first step is to keep a record of outgoings and use a strict budget that you can stick to. Bankruptcy and debt consolidation may add more costs to an already bad situation. You will have to deal with more expenses, high interest and repayments that may not be enough to satisfy your creditors. This can be stressful and worrying.
The best remedy is to start saving money. There are many ways to do this. Firstly, try purchasing accounting and budgeting software that enables you to save. It may seem like just another added expense, but the cost will benefit you in the end. Part of this process will be to track your outgoings and incorporate them into a monthly budget plane. The software will assist you by making the task much easier, but if you prefer you can set up a manual table with a paper and pen.
Next, label your table with the heading of Daily (or weekly) Spending – Week of ________. Make sure that you list all your spending requirements, savings, income, taxes, banking fees, food, rent, etc. Each week, when bill payments are due, spend as much as you can on...
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