Phil's Personal Finance Tip of the Day:
Signs You’re Living Beyond Your Means
"There is no dignity quite so impressive, and no independence quite so important, as living within your means." — Calvin Coolidge
Living within one’s means is the bedrock of financial stability. But for consumers still facing the lingering effects of years of frenzied borrowing and spending that preceded the recession, the sage counsel of our 30th president remains a lofty aspiration — and one out of many people’s grasp.
Financial difficulties rose last month for middle-income households, according to the Consumer Reports Index, an overall measure of Americans' personal financial health. The Trouble Tracker, a measure of financial difficulties, climbed to 37.5 from 32.7 for middle-income Americans. The areas that saw the greatest increase were missed payments on a major bill (other than mortgage) and the inability to afford medical bills or medications.
Whether the trouble stems from the increase in the Social Security payroll tax that hit paychecks in January or a holiday spending hangover, it doesn’t bode well for consumers trying to get their finances under control in 2013.
So how do you know if you’re living above your means — in other words, spending more than you’re bringing in? Not being able to cover the bare necessities is an obvious red flag. But there are some other tell-tale signs you’re in over your head.
To read the entire article from Lisa Scherzer | The Exchange
http://finance.yahoo.com/blogs/the-exchange/signs-living-beyond-means-165333552.html
Inspirational Quotes@Inspire_Us from Twitter:
If what you have done yesterday still looks big to you, you haven't done much today. -Mike Krzyzewski
Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com
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