Create a household budget based on your income, this is your future we are talking about. You can change your spending habits if you set reasonable goals of where you want to be 1 year down the road.
If you are in debt then it's time to take control and make a plan of action to get out of debt...............! You will be a much happier person and so will your family. I would agree with all the other financial advisors, for you a credit card is disastrous so get rid of it! You need to focus on your plan of action for getting out of debt first and foremost. You are not ready for my earlier advice on using a credit card for the purpose of getting a cash back reward at the end of the year because you probably aren't paying your credit cards in full each billing cycle and your finance charges would eat up any rebate profit. This will be a fun money game for you to enjoy later, like after you have proven to yourself that all important thing called "self-discipline".
Your homework will be to list all your bills, sit back with your spouse and take a good look at where your hard earned money is going. This is best accomplished as a team effort, otherwise it won't work. Of course we all need the necessities of life...........roof over our head, food and clothing but we don't need the frivolous spending that puts us in debt. Now make a list of all your spending habits on anything that isn't a necessity. You have to understand one thing, if you want to get out of debt you will have to go without something for a period of time and this is going to be the list that will be most affected. Trust me.........you will live through this and be a better, stronger person for taking control of your financial security now!!! If you don't, who will?
Remember you and your family's future depends on this!!!!
Your Money or your Life
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