The major cause of financial crisis in one’s life is poor money management; the misjudgement we have made in past lead may lead to present time financial crisis. The failure to manage money can be because of any reason like non-payment of your loan, credit card debt and so on. The reason of these missed and late payments is lack of proper money management usually referred as inefficient money management. So, efficient money management is very important to avoid financial crisis. Here, are some tips to help you become efficient with your money management in order to avoid financial crisis:
Keep track of your spending with the help of a debit or credit card:
If you find it difficult to keep track of each and every expense and maintaining a track report then you can use a debit or credit card to track your spending. When you make use of your credit card you have to make full payment at the end of month and can have a complete record of spending. But make sure that you don’t overspend because of the higher limit, as it can put you in debt and if you are too tempted to spend then make use of a debit card instead of a credit card.
Category: Money Basics