Never change the bill payment day to the day after you receive it. If your company delays the deposit for any reason, you are the one with the interest and the fine. It is also important not to postpone the bills for a day that is too distant from the day of receipt. You can forget about any of them and end up spending all your money ahead of time.
Therefore, if you receive on the 1st, schedule the payment of bills for the 5th, and not for the 20th, for example. Running away from fines and interest for late payment is the first step towards avoiding debt.
Learn to control impulse consumption
Impulse consumption is the most dangerous of costs. Anyone who makes a personal budget knows what the purchase of a new shirt or shoe represents, just because it was on sale. The tip here is never to buy something at first glance, even if it is an unmissable promotion. Promotions happen all the time.
In general, marketers and sellers are prepared to convince you that that purchase is really a must. So it must be done at that moment and not later. Have you ever thought that many times, these professionals are more prepared to offer you a product, than you are prepared to refuse it?
So never buy something on the first look. Think about it. See if this purchase will really satisfy your needs. Or if it will only serve to cause you regret when the bill arrives.
Develop the habit of doing financial control
Financial control is very important. Try to use an electronic spreadsheet, which can be downloaded on the internet, to organize your personal accounts. Then put financial control in your routine. Set aside a little time a week to do this. Set a specific day, collect your spending vouchers or statements from your account and write down all that information. Remember to organize costs in fixed and variable.
Controlling the amount of money flowing in and out of your account is the first step towards not making debts. Developing this habit is a start for you to achieve greater achievements.
Put your goals in a spending spreadsheet and set goals to achieve them
Another good way to avoid debt is to set consumption targets. When creating these goals you need to be true to them. Stay focused and you will never have debts that you cannot pay.
Putting goals on the worksheet is knowing exactly how long it will take you to achieve it. Fixing your efforts on these goals will help you avoid impulse consumption and reduce variable costs. After all, what is worth more? Go out with friends 3 times a week or buy the car you want?
Become an investor
By regularly tracking your fixed cost, variable cost and revenue information, you’ll know exactly how much is left in your account per month. That money can be converted into more money! This is financial planning.
Some types of expenses, such as buying a property, investing in CDB, LCI, social security, shares, etc., require prior planning. To assume these expenses without proper planning is to make debt. Taking over with planning is an investment.