One important move can help people take control.
Personal finance radio personality and author Dave Ramsey speaks frequently about some of the basics involved with handling money.
The debts to pay off first include cars, credit cards and student loans, Ramsey counsels. And he suggests paying them off one by one using what he calls the debt snowball method., Ramsey Solutions."Pay minimum payments on everything but the little one. Attack that one with a vengeance. Once it's gone, take that payment and put it toward the second-smallest debt, making minimum payments on the rest."His next recommendations are saving for college funds and paying the home off early.
"Sometimes the excitement of having fun right now or the short-term thrill of impulse spending can take our eyes off our priorities," he wrote."And sometimes life gets so busy that we lose focus on how to stay on budget." "So maybe you don't wake up early when it's time to create a new budget because you just can't wait to get started," he added."That's okay. You don't have to be jazzed about the process of budgeting as long as you’re pumped about what budgeting does for you, today and in the long run."Because staying motivated to keep on budget is difficult, Ramsey put together a few suggestions on his website.
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