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

Good financial advice #21 | If you can buy it twice you can afford it

Good financial advice #21 | If you can buy it twice you can afford it

Shopping is an activity that has become easier and more fun over the years. Shopping, online or offline, has never been easier. This over-simplification of the purchasing process, however, hides some dangers that may lead us to not think through the purchase and thus overrun our budget. Here are some simple but useful tips to avoid crazy purchases.

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