Set a budget by cutting down your credit cards

Set a budget by cutting down your credit cards: If you find yourself in debt the first thing you need to do is to cut down on your usage of credit cards and live on a cash budget. Keep an account of each an every expenditure that you incur. You can use a formula to set a budget that will help you to pay your credit card debts better. The “life” category includes in everything from groceries, to gadgets to entertainment.

  • Housing: 35%
  • Debt: 15%
  • Life: 25%
  • Transportation: 15%
  • Savings 10%

Take a look at your finances and decide how much you can afford to spend on each and every sphere. Also decide on the sphere where you need to curtail down your expenses. This will help you to manage your credit cards better.

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