Are you as Financially Secure as you Could Be?

[ 0 ] April 10, 2012 |

My family and I went on a trip to Las Vegas this month. The saying is certainly true – it’s the city that never sleeps. It took me a couple days to get the sound of the slot machines out of my head!

As I took a look around at all the tables and slot machines I kept thinking to myself, “Are all these people financially secure or are they hoping to win it big to pay off their debt?”  My dad always gave me great words of advice: never spend more than you can pay off at the end of the month.

I just recently had this conversation with my daughter. I noticed she has not been paying off her VISA bill each month. Her response when asked was, “Well, I pay a set amount on it each month”.  Just think if you take one credit card and only make a partial payment at the end of the month. Next month’s bill will have interest accrued. If you only pay a portion of that bill, more interest will accrue at the end of the next billing cycle. So on and so on….. It’s a cycle that many people find themselves in and find it very difficult to work their way out.

It’s so important to establish good financial habits early on. If you truly don’t spend more on your credit card than you can pay at the end of the month you will establish a great habit for life. And the next time you’re in Vegas you can feel good about playing all the slots, too!

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Category: Money Tips

About the Author ()

Calvin is a Sr. Systems Support Technician and has worked in the systems department since 2001. During a normal day, he keeps the computers running smoothly so our employees can help our members as best as possible. He has also been a member of our social media team since it was created. Calvin normally posts on computer related topics, including security, tips and tricks and new technology happenings at IAACU.

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