Parrot on a PorchA Journey Toward the Little Mansion Dream

Lately, I’m hooked with collating good reads about effective household management particularly topics on managing effectively the family budget. Although we haven’t established yet our weekly and monthly allocations because of incidental settling expenses, I’m now trying to get a feel of how should the budget management be like. I’ve learned a number of things and here are the highlights:

1.) Prioritize and keep the most important expenses covered first. These include the utility bills, credit card bills, child’s tuition fees, debt consolidation loans and amortizations. Then setting aside enough money for the general ones like food, transportation and phone bills come next.

2.) Use and maximize credit cards responsibly. Responsible way means not hitting the limit and using it as much as how one thinks he can repay comfortably come due date.

3.) If expenses seem to be ballooning and money is seemingly not enough to cover it, learn to prioritize. Cut back on whims and luxuries and just focus on the necessities.

4. Most importantly, save enough for emergencies.

In relation to number 2, I believe that if we just keep all this in mind, then no credit cardholder will have to go through consumer credit counseling when repairing their bad credit. Even though debt credit card consolidation and repayment assistance can be readily extended by companies such as Consumer Credit of America, a credit cardholder should stick back to the basics of realizing his responsibility and learning from his mistake. The highly trained and expert counsellors’ assistance can be life saviors but remember, they are just aids to help one start anew.

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