Financial Responsibility by Mackenzie Caruthers

CREDIT CARDS- GOOD OR BAD?

mackenzie_caruthers — 2016-01-12 22:02:06 UTC

Although credit cards have a rather poor connotation attached to them, credit cards have some useful qualities. They're very helpful in emergency situations, as long as they're paid off quickly. Credit cards also eliminate the need to constantly carry around cash. Just be sure to pay them in full or else those bad connotations will affect you.

Where should the $$ go?

mackenzie_caruthers — 2016-01-12 22:39:12 UTC

When I was younger I was notorious for spending any and all money I ever got. I've definitely gotten better as I've grown up and became more financially responsible. Now, I respect the fact that I need to put some money away for future endeavors, such as college. I've tried implementing the rule of putting 10% of my paychecks into a savings account and then working with what is left to get me through until the next paycheck comes in. Even though I don't necessarily have the monthly expenses that those who own a car or house have, starting this routine off early will hopefully carry over to when I do have those debts to pay off.

Mortgages

mackenzie_caruthers — 2016-01-12 22:49:09 UTC

Should NOT be more than 2.5 times your yearly income; or monthly payments no more than 30% of monthly take-home pay

How to be "Responsible"

mackenzie_caruthers — 2016-01-12 22:51:14 UTC

Most people associate "responsible" with doing what you're supposed to and when you're supposed to do it. Being financially responsible is no different. To be financially responsible, one must take into account their income and their NEEDS. Just because you can buy 500 iPads doesn't mean that you need to buy that many or that it would even be smart to buy that many. However, if you have the funds and you've been saving enough to splurge a little bit on yourself, you might be able to buy an iPad Mini or maybe an iPod. Being financially responsible means living within your means, regardless of the level of those means.