Debit Cards V Credit Cards
When you’re under 18, you’re lucky! You can’t get into trouble with credit cards as you are under the legal age! But a lot of young people are encouraged to get credit cards when they turn 18! Beware as misuse of a credit card is one of the easiest ways to get into debt.
Let’s first look at the differences between the two. A debit card gives you access to your own money, so you are limited to withdraw or spend only as much as is in your account. When you turn 18...
Finally, Your Game Plan takes shape
Ok, after all your hard work, you are finally ready to address the final stage of your game plan…
Your budget
Where does a budget fit in? Well, until now you have learnt how to:
- Set meaningful goals (Your Personal Goal List)
- Track your cash flow (Your Financial Reality Worksheet)
- Figure out options and strategies for reaching your goals
- Decide which strategies are best (Master Strategy Sheet)
With all of your goals now in place, a budget will help you set some rules for yourself that will govern exactly how your money is spent, and keep you well and truly on track.
When looking at your spending so far, most of our effort has gone into figuring out what you spent in the past – think back to your Financial Reality Worksheet.
This is very valuable for understanding your spending habits, but it's a bit like studying AFTER the exam…a bit meaningless for getting results.
In putting together your budget, we'll be looking forward into the future and setting limits for your weekly spending. Once you've set the rules all you have to do is follow them…Easy!!!!
You're not alone in the budgeting world. Who else uses budgets?
Let's have a closer look at your spending.
