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7 habits of financially responsible people

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Attention: All shopaholics!!!! Especially SHoeDiva, this is one is for you!!!

As you can see I'm trying to get on the road to being financially responsible (its never too late). Read on- there some great tips.

HABIT 1: REGULARLY BALANCE YOUR ACCOUNTS. Financially responsible people calculate a current balance in their checkbook or online account after every transaction. They know where they are at all times.

HABIT 2: SAVE MONEY CONSISTENTLY. Financially responsible people do not spend all of the money they have and then rely on credit. They always save some, and they do it first, before they pay anyone else.

HABIT 3: THINK FIRST AND SPEND LATER. This is the habit that keeps financially responsible people from spending money they don't have. They do not buy things impulsively. They make lists, weigh the consequences, wait for sales and, above all, exercise self-control.

HABIT 4: FOCUS ON THE REAL PRICE. Financially responsible people see through the come-ons, marketing hype and financing options. They know how to calculate the bottom line. If they can afford the full price, fine. If not, they are not interested in monthly payments.



HABIT 5: KNOW YOUR FINANCIAL CONDITION. Financially responsible people know within a few bucks the current balance on their mortgage, their investment accounts and their other assets. They make decisions based on how they will affect their net worth.

HABIT 6: REFUSE UNSECURED DEBT. Financially responsible people shun debt of all kind, but especially unsecured debt. And if they have secured (i.e., mortgage) debt, they repay it rapidly.

HABIT 7: MAKE PRINCIPLE-BASED DECISIONS. Financially responsible people have feelings, but make financial decisions based on principles, not feelings. They know their feelings are fickle and can change like the wind. It is possible to learn good habits and unlearn bad ones, even those that are deeply ingrained. It's all a matter of choice and determination.

Source: Mary Hunt,creator of The Cheapskate Monthly newsletter.
 
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Not sure.......I think its a "grown up" thing


Originally Posted by donnamaryuk
Whats responsible mean ?
 

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