Tips in handling finances

I have a friend who is currently in financial difficulty. Though I do not have spare to lend him, I helped him find people who have extra money. He then confided to me his financial state. I gave him my piece of advice and decided to blog it for anyone who may be in the same state:

1. Spend within your means. Money coming in should balance money coming out. Better if there is money left for savings or emergency fund.
2. If you do your grocery, go for the unbranded, not famous or house brands. Usually, they have same ingredients or quality as with branded items. You can find the cheaper brands in the lower or bottom shelves of the display area. Needless to say, compare prices.
3. Do not use credit card if you cannot fully pay it when it is due. Do not go into the habit of paying the minimum only, this will definitely bring your finances in deep trouble.
4. If you use credit card for big expenses, always opt for 0% interest. But make sure whenever billing comes, fully pay whatever is due. This means you have to allocate monthly budget to pay it without fail.
5. Always plan for big expenses, make sure there is money allocated to pay for it.
6. Plan and budget your finances with your spouse. It’s best that both of you know where your money goes.

The above may or may not apply or helpful to you but I would be happy to receive additional tips. J