“Never spend your money before you have earned it.” ~ Thomas Jefferson
When I hear this quote I am reminded of the innocence of children … I remember once hearing a child say to their mom “Why don’t you just use that plastic card?” Obviously this child was too young to understand that when you use that plastic card it doesn’t mean this item is free. It is my hope that, as parents, we take the time to honestly educate our children on exactly what a credit card is, but way too often I am surprised at how many people have never seemed to have been taught proper use of credit cards. Do You Spend Unearned Money?
Many people today are getting themselves into a financial crisis because they are using their credit cards far too often and without consideration for how they will pay for the bill at the end of the month. I always suggest to my coaching clients that credit cards should only be used as a means for building credit. Never, ever purchase anything that isn’t within your means to pay for it right now. If you can’t pay the credit card bill IN FULL each and every month, you shouldn’t have a credit card.
If you are someone that finds themselves using credit cards far too easily, I would suggest that you cut them in half and start using only debit and/or cash. Thomas Jefferson had it just right … credit cards allow us too easily to spend our money before it is earned.