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Are your Finances causing you stress

Do you realize to be prosperous all you have to do is live within 70% of your income? Now you may want to live at a certain standard that is beyond your means. Doing so by buying on credit and frequent high end purchases using credit cards. Living in abundance on what you make is living within 70 % of you income. There is always going to be a finer car a larger house and more lavish furniture than what ever you already have. It is a state of mind being satisfied with what you have. There will always be 'newer, advanced and more improved' on everything that you buy coming the next year after you purchase the item. My young Nephew put it this way. I know I am paraphrasing him this is what it amounts to;

"In the consumer market place it is the Retailer's job is to see how quickly they can separate you from your money." ~Clinton R.~  (my nephew)

With that being said below is a quiz to see where you stand in your finances.  Scoring: For every "TRUE" answer, give yourself "1" point

Quiz: Am I In Financial Bondage?

Answer truthfully, number a sheet of paper 1-20 put 'T' or 'F' for your answer for each question.

1. I have more than one credit card.                                                            True     False

2. I have more than three credit cards.

3. I carry a balance on my credit card(s) and pay interest.

4. I have bounced a personal check more than once this past year.

5. I often can only pay the minimum on monthly bills.

6. I sometimes buy more than what is on my list when I go shopping.

7. When I see something "on sale", it is hard for me to resist purchasing it even if I had not planned to buy it before going shopping.

8. I love to shop. I feel good while shopping.

9. I have had to borrow money from friends or relatives this past year.

10. If I had to replace a transmission or a hot water heater tomorrow, I would need to borrow the money.

11. I think about money a lot and feel some stress that I donít have more.

12. I have received a collection letter or a phone call from a collection agency in the past year for past due bills.

13. I regularly use the ATM machines to withdraw the cash I need.

14. I rarely use my bank statement to reconcile or balance my checkbook.

15. I am maxed out on one or more credit cards.

16. I am often unable to give to a charity or to my church regularly.

17. I have used my credit card this past year for discretionary items such as new clothes, CDís, vacations, eating out, etc., even though I carry a balance.

18. I do not have, or make regular contributions to an IRA or savings account.

19. I do not have a written down monthly spending budget.

20. My job does not pay me enough.                                                     True           False

     

True

True

True

True

True

True

True

True

True

True

True

True

True

True

True

True

True

True

True

True

False

False

False

False

False

False

False

False

False

False

False

False

False

False

False

False

False

False

False

False

Point Total:

Scoring: For every "TRUE" answer, give yourself "1" point.

Click on the link below for the answers to the quiz

Suggestions to get out of debt

Try not to consolidate you bills by borrowing more money to pay off a debt. It would be better to get debt counseling . If you need to get into a Debt Management program there are several ones out there. Take Charge America is a good one they are non profit. Before you sign up for any of the debt management programs go to the Better Business Bureau web site and look up the business the site is self explanatory. In fact before you do business with any vendor, home repair company you can always check them out on the BBB website before you give them your business.