Most people going through a financial crisis struggle with money management as they slowly dig their way out of the their financial crisis. Income tax returns often are a time of great joy, but short lived because most people are tempted to splurge and spend money unwisely.
Income tax time is a perfect opportunity to get a big jump on the financial crisis IF you choose to spend your money wisely. It may be wise to put money aside in a savings account, but if you are not one of those people who can leave the money alone, other options are available like the following:
- Get money orders or cashier’s checks made out for utilities or rent, replace each month. Stay AHEAD.
- Pay ahead and get bills with a credit instead of past due.
- Get gift cards to use at grocery store or for gas, refill with budgeted amount monthly. Have an extra month on the card.
- Open up an account in a bank that is different from you current bank. Do not get a debit card. This will force you to plan before using the money in that account.
Sure, it is your money and you may not want it sitting unused or at the utility company, but until you have healthy spending habits, it may be the best way to go. If you keep the money accessible, use it without planning, and have to pay late fees, it will cost you more to keep it handy.
