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With inflation at its highest mark in nearly 40 years, at essentially 7%, it’s harder than it’s been in almost half a century to stretch your dollar, and Dave Ramsey offers 7 warnings on what NOT to do with your money.
Don’t try to justify frivolous purchases. Figure out where you can cut corners and add those savings to a high-interest savings account. Avoid purchasing something just because it’s a good deal. If you wouldn’t buy it if it were full price, don’t add it to your cart.
If you have a car, keep the one you have running. Avoid taking on a car payment if you can. If you need to purchase a car, make sure you are getting the best interest rate out there. If you have something to trade in, trade-ins are at an all-time high right now.
If you have multiple loans, pay off the ones with the lowest balances, and make minimum payments on the rest.
Avoid getting into further debt by only buying with cash, rather than tapping into a credit card to purchase something you want. If you can wait to make a purchase and save up for the item, you’ll be so much better off in the long run.
Your children should learn that money doesn’t come from mom and dad’s wallets. Instead, make them do age-appropriate work to earn the money. This teaches the idea that if you don’t work, you don’t get paid.
