Are You Living Beyond Your Means

Controlling your finances has become more difficult

, especially as advertising media has strengthened its hold on the consumer mindset through the Internet. All of these media constantly bombard the everyday Internet user with offers encouraging us to buy this or spend on that. This is quite tempting to the average consumer, often causing him or her to spend on non-essentials and luxuries.

It is this spending on non-essentials that puts the consumer into debt, as many households across the country are unable to cover even the most basic of household needs. To know if you're prone to spending beyond your means and getting into more debt than you can handle, answer the following questions:

Do you use credit cards to buy things or services you used to pay for with cash?

Do you apply for loans to pay off debt?

Do you use savings to pay off bills?

Do you pay only the minimum amounts due on your credit card bills?

Do you frequently get notices for overdue payments?

Do you work overtime, or juggle more than one job to cover your household expenses?

Do you pay off only the most urgent debts?

Do you get advances from your credit cards to pay for your everyday expenses?

If you've answered "yes" to any one of these questions, then it might be high time that your review your spending habits and manage your budget better - you're starting to dip into money that you should be setting aside. Two or more "yes" answers could mean that you're in the thick of overspending, and well on your way towards debt that's especially difficult to manage.

If you've answered one or two "yesses," consult with the Citizens' Advice Bureau for some tips on how to manage your household budget properly by cutting back on your expenses and putting more money into a savings account. More than three "yes" answers? Get on the phone with a professional financial planner, review your monthly expenditures, and establish a solid financial plan to get your finances back on track and off the road to debt.

by: Carina Smith

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