Let’s face it, managing money is a complex task. Throughout our lives, almost all of us have made bad decisions regarding our money. In fact, most Americans have made a money mistake over the course of their life.
Allocating a fixed amount of money for each want or need allows you greater control over what you buy and forces you to make more money-conscious decisions. For example, if you have $100 allotted monthly to eat out, you’ll opt for less expensive options or smaller portions and think twice when you’re near your limit.
Using your credit card for regular day-to-day expenses, such as groceries or gas, is becoming increasingly common. But high-interest rates on those charges mean you pay a much higher price for everyday things.