Perhaps it is not so obvious to everyone to understand that if you have to borrow money then it means you cannot afford to make that purchase, that trip, or anything else.

A good rule of thumb is to check whether it is possible to make the purchase twice without impacting our budget.

There are many best practices for managing money better and better…here are some fairly common ones to avoid missteps when it comes to managing your finances:

  1. Create a financial diary
  2. 50/30/20 rule
  3. Spend one minute of money a day
  4. Set financial goals
  5. Set a periodic budget

Learn about other financial best practices

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