The economy is in the toilet right now. Although the price of gas has gone down over the last month, that is just about the only piece of good economic news coming from Wall Street. Even though I don’t spend that much time watching the news, it still seems like I hear at least one new bad thing everyday in relation to the state of the economy.
Because this economic situation may just be getting started, it’s important for us all to make good decisions with our personal finances. Even though we have no power to control what’s happening on Wall Street, we do have the ability to control how we manage our own money. If there has ever been a time to become more accountable for what you do with your money, that time is now.
One decision I had to make recently was to sell my SUV. Even though I could finally afford gas for it, I realized that the payments I was making on it were out of my budget. Once I sold the SUV, I made a smarter decision and bought a lightly used rental car (which was a much better fit for my budget).