I thought I would start off with the most basic, yet one of
the most fundamental principles: don’t spend money you don’t have. This advice
was given to me when I was young and has served me well throughout the years. Even though this principle is so basic, not everyone abides by it.If you don’t have cash for something- don’t buy it. It’s that simple. In other words, even though you have a $500; $1,000; $4,000 or $10,000 dollar limit on your credit card, this does not mean that you actually have that money.
Abandon the mentality that leads you astray; the one where you convince yourself that you will pay yourself back later – this is not a good way to get yourself ahead. If you’re burning to have that new item, whether it is the latest technology, or the newest accessory - then you better start saving.
This rule is not intended to deprive you of your goodies; it is meant to empower your pocketbook! Skip the interest payments and pay cash; your purchase will be more affordable in the long run. Recite this to yourself 10 times: I will not spend money I don't have.
