If you don’t set specific goals, you may not think about how much you should save and what you need to do to actually start building savings.
Everybody impulse buys occasionally. But it’s amazing how much those impulse buys can add up over the course of a month.
According to debt.org, the average American household carries a little more than $100,000 in debt. Unfortunately, it’s become normal for people to accumulate large amounts of debt and then attempt to pay it off slowly.
Without a budget, accurately tracking expenses, keeping track of savings goal progress, or knowing what money you have available for spending becomes challenging.
Some don’t have any type of emergency fund at all or have to prioritize other goals, leaving nothing left for an emergency fund.
Sometimes, a cash advance is necessary to help with emergency expenses or simply to make ends meet. However, relying on them can lead to a never-ending cycle of debt.
The average fee for using an out-of-network ATM is about $4.66, which can add up quickly. Just two out-of-network ATM withdrawals a month can cost over $100 a year.
Keeping a low credit card balance, or none, is good for your credit score. However, your credit score can suffer if you have a large balance or go over your limit.
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