By: Mary Hunt Debt-Proof Living
www.cheapskatemonthly.com
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 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 reponsible 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 dollars the current balance on their mortgage, their investment accounts and other assets. They make decisions based on how their net worth will be affected.
Habit 6 - Refuse unsecured debt. Financially responsible people shun debt of all kinds, but especially unsecured debt. If they have secured, i.e. mortgage debt, they repay it rapidly.
Habit 7 - Make principle-based decisions. Financially responsible people make financial decisions based on principles, not feelings. They know their feelings are fickle and can change.
