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In challenging times that we are in, we should be very wise with managing our finances. Splurging over unnecessary things is a big no no. For us to survive economically wise, we have to design a strategy in order not to run into debt problems.

And one of the things that I am doing so I can avoid to be buried in a pile of debt is not having a credit card though sometimes I am tempted to have one. It is good to have one; however I am having doubts if I can control myself from doing unnecessary buys. I don’t want to do things that I might regret later. I definitely abhor running into debt that I don’t have the capacity to pay. So to play safe, I would rather not have one. So far, I can still live within the budget that I imposed on myself.

Budgeting is also a great idea. I know this subject is boring to some but for me it is one of my necessary weapons to keep up with the financial challenge that the world is experiencing. Every paycheck that I receive, I would only get one half of it for my food, basic needs and necessary expenses. I am also setting aside a portion for contingencies and charity and the rest goes to my savings. My allowances too go to my savings. In doing that, I am preventing myself from being impulsive with spending my money.

As much as possible, if you can avoid engaging in debt just avoid it; if you can’t just be sure to keep it at the minimum level and that you are capable of paying it back. So you won’t be risking of making your problems worse that sometimes ends up in litigation. And this I know, no one wants.

And of all the advice that I heard about managing our finances, this is the best so far. Live your life within your means. Do not aim for a lifestyle that you cannot afford to have if you do not wish to ruin yourself by running into a mountain of debt.

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