In order to stay out of debt, youll need a contingency plan. Include:
– An emergency fund which you try to never, ever spend (only in case of severe emergencies).
– A for sure savings for your occasional large expenses (e.g. repairs, Christmas, taxes, etc).
– A buy stuff savings just to buy things that cost more than your monthly disposable income.
– An overdraft protection line of credit to protect you from returned check fees. Dont use it for anything other than to avoid bouncing checks.
– An empty credit card (one that you rarely if ever use keep it only for emergencies zero balance, zero interest).
Get into the habit of paying off your credit cards each month to avoid interest charges.
The greater the rate, the higher the risk. Get a safe return on at least part of your savings.
Dont co-sign on others loans. They may intend to pay, but you may actually pay. Too often, co-signers end up paying off loans they are unprepared for, and financial hardships follow. Numerous co-signors now have negative credit ratings because a primary borrower paid late. Many lenders do not notify the...
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