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| 15 Signals That Hint 'Financial Trouble' |
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"Spending money makes me feel good." |
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"I let others (or I wish there was another to) handle my finances." |
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"Someone will come along and rescue me" |
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"I rarely balance my checkbook." |
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"I now use my credit cards for small items I used to get with cash." |
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"20 percent or more of my take-home pay goes for debt payments." |
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"I'm afraid to calculate my net worth." |
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"I frequently find myself borrowing small amounts of money." |
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"If I lost my job, I'd be out of money in less than two weeks." |
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"It makes me uncomfortable to talk about money. " |
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"I don't know the total amount of my debts and obligations." |
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"It is very difficult for me to save any money at all." |
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"It seems to be a paycheck to paycheck life-style." |
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"There have been occasions when I have paid late charges on a loan." |
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"I have used (or plan to use) a debt consolidation loan to pay my bills." |
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Write down all of the poor spending practices that you need and want to change. |
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Write down how you plan to bring about the changes in each area. |
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Construct a cash-flow sheet showing income and outgoings. |
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Set up and implement a spending-plan. |
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Discontinue borrowing and using credit cards. |
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Begin collecting and making notes on your cash purchase receipts. |
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Begin saving a little bit, everyday. |
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Look for alternatives and substitutes to spending. |
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Start utilizing discount coupons for rebates. |
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Wait for the sales. Comparison-shopping can save you a lot of money. |
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Take advantage of factory seconds rebuilt and used items where practical. |
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Start doing things for yourself that others were paid to do previously. |
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Separate shopping trips (when comparing prices, value,, etc.) from spending trips.
(when actually making the purchase). Avoid carrying credit cards or extra cash on shopping trips. |
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Manage your expenses so they don't exceed your income. |
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Spend money thinking of your future as well as your present. |
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Begin saving early to take advantage of compound interest. |
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Avoid collecting credit cards and using them for borrowing. |
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Always honour your debts and other financial obligations. |
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Project your income and expenses for the next 12 months and track variances. |
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Focus on the relationship between the risk and projected return of investments. |
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Maintain organized records for tax and general financial planning purposes. |
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Have a plan and a purpose for your investing. |
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Obtain a financial education to be in a position to make intelligent financial decisions. |
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