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How To Manage Your Finances In These Tough Times

When you are beginning the process of straightening out your finances, try to avoid spending money on restaurants and entertainment. Learn to spend wisely, be responsible and avoid going into debt whenever possible.

Make it your goal to eliminate the use of credit cards. Additionally, find ways to avoid paying interest altogether. Pay off or avoid taking out car loans, personal loans, and an unreasonable mortgage. Flushing your money down the toilet is the equivalent of paying interest on loans. It is critical that you remove all interest from your personal finances.

Create a budget and strictly stick to it. While you may be thinking that the money you are spending is well within your means, most likely you are just wasting lots of money each month. Keep track of everything you buy no matter how little that expense is. Look over everything at the end of the month. That way, it will be obvious where spending cuts should be made.

If the time isn't right then do not sell. If a stock is earning good money, just let it stay as is. If you have stocks in your portfolio that are not performing well, you may wish to change them up a bit.

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