Daily Money Minute

Fotolia_54867638_XS_5Never borrow money to finance discretionary spending. Debt should only be used to finance the purchase of things that you absolutely cannot live without. Like a house, furniture and possibly a car. Otherwise if you can live without it and you can’t afford it, then don’t buy it. For spending on discretionary items, save the money first and then buy when you can afford it. If you’re constantly borrowing money to buy things you don’t need then you will always be poor. Why make someone else rich at the expense of your own financial well-being?

© Roy Sutton and Mann Island Media Limited 2013. All Rights Reserved.

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