by Anthony Megna

Created on: April 24, 2008   Last Updated: November 28, 2011

Broke again this month?  No extra money to have some fun with?  What step can be taken to fix this problem?  Get rid of your credit card! Only those with iron discipline and who can control their spending should consider having a credit card.

Pay it off at the end of every month without fail. Don't pay them a dime in interest. Can you do that every month?

I did at first, then life threw me so many curves I got off track. That was the first mistake. Credit card companies are counting on this so they can make more money on interest payments. Most people can't pay the full bill at the end of every month and guess who prospers? It is just common sense. When you see over half of the ads on television are credit card companies you know who prospers. Advertising on TV isn't cheap, and card companies spend billions doing it. Guess who is paying for these ads? For people who can't stop using credit cards here is a solution; put the credit card in a block of ice and stick it in the freezer. I am not kidding, you will think twice before you use it. Sounds drastic? Tough times call for drastic measures. If you don't have the cash, don't buy it. What's in YOUR wallet as the ad says, well, hopefully good old cash.

Another money management tip is to take ten percent of everything you make and stuff it away somewhere. I don't care if it is a savings account or money market fund or under the pillow, put it away and don't touch it. You will be surprised at how much you have at the end of the year. Again, you must have discipline or you are just fooling yourself.

Cut down on your cable bill by buying expanded basic or better yet, just basic. Do you really need all those movie channels? I bet you don't have the time to watch even ten percent of all the movies on offer. You don't need it. If there is something you really want to see, rent it for the day.

We all know about gas prices and how it keeps going up, up, up. Plan your trips. Car pool. Ride a bike. Do anything but don't drive as much. Here is a little tip...try planning your route so that you take fewer left turns at stoplights. UPS saved over 30 million bucks by having their trucks take routes that almost eliminated left turns at stoplights. Less idling at lights equals more money saved and faster time delivery.

Use common sense when deciding to purchase something. Ask yourself if you really need it. Think about the consequences if you buy it, and for Pete's sake don't charge it!

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