Simple Debt Management Advice That Everyone Should Follow!

I've had a lot of debt management advice over the years. Some of it came in the form of formal education, but the best of it came from two great men.

You've never heard of the first great man that gave me the best debt management and financial advice I ever got….he was my dad. He taught me two very important lessons that I have never forgotten.

The first lesson was to save first, spend second. I was probably about seven years old when my dad gave me my first allowance. It was 50 cents. When he gave it to me in the form of 10 nickels, he also gave me a piggy bank. He instructed me that I was to save 10% first, give 10% to charity and manage the rest of it (40 cents) until he gave me my allowance again in one week's time.

I dutifully dropped one nickel into the piggy bank, put one nickel in a church envelope that he had handy, and walked away feeling rich!

Needless to say, I was broke within the hour. It took a lot of weeks and much patience on my dad's part, but I did finally get the hang of it and didn't spend my last nickel until the day that my allowance was due. Lesson learned.

Dad also instilled in me this: ?The less money that you spend on what you must do and must have, the more money you will have to spend on the things that you want to do and want to have.? That one took a little longer for me to get.

The second great man that influenced my spending habits was Benjamin Franklin. ?A penny saved is a penny earned.? Comparative shopping is a vital part of debt management.

Tags: foreclosure, no credit crunch, managing personal debt, mortgage, personal debt relief, financial problems, personal loans