One of the more common questions I am asked by clients during the discussion of debt is “Should we be using credit cards?”
If you have ever watched any of the personal finance shows on TV, you would hear Dave Ramsey, Suze Orman and others typically dismiss all credit cards as bad debt and never to be used. The reality is, this is yet another example of why blanket advice is not to be taken as advice.
In truth, as long as you are financially responsible to yourself, there is no reason not to use “smart” credit cards. What are smart credit cards? Read on.
If you pay attention to a lot of personal finance advice, one of the first pieces of advice that you get is to start a budget and start cutting major expenses.
As a financial planner, we would rather focus on increasing your income and focusing on saving, rather than try to control and cut the costs. The reality is, most people on a budget, fail. They fail after a few months. More importantly, budgeting typically does not fix the issue in the first place.
This does not however mean that there are not things we can take away from budgeting, more importantly taking a look at the monthly expenses, to identify monthly expenses that are either completely unnecessary or you were even unaware of. Here are 3.5 ways to save.