; ; Buy generic brands when available. ; ; Allow time for results on your budgeting efforts. It can take several months to get on track. ; ; Pay off credit card debts monthly instead of just making the minimum payments allowed. Making minimum-only payments costs you a lot in extra interest and keeps you in debt for many years. ; ; Avoid “guilt spending” on yourself and your kids (if applicable). ; ; Stash money in an emergency fund and then use it only for true emergencies. Three months’ worth of expenses is a good buffer; six months’ worth is better. ; ; Control your spending plan, even if you control nothing else. It’s the single most important element in your overall success. ; ; Make paying student loans a priority because even bankruptcy won’t eliminate them. ; ; Communicate with your creditors because ignoring themwon’t solve anything. Besides, you’d be surprised what people will do for you if you just ask them. ; ; Keep promises to creditors and be especially careful to keep promises to yourself. POINTS TO REMEMBER: ; ; Getting your personal finances under control could help get you out of a difficult situation and create a solid foundation for future success and homeownership. ; ; To make your household budget work, you first need to take an accurate look at your income and expenses.
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