“Beware of little expenses; a small leak will sink a great ship”- Benjamin Franklin

Watch Out for Small Leaks

Benjamin Franklin was probably one of the most frugal of his era. And the above quote speaks a lot about the wisdom in not letting the little expenses accumulate and, in the long run, put us further in debt.

Another piece of advice to learn? Cut up those credit cards if they are keeping you in debt. I only know of one or two people that use credit cards intelligently and pay them off each month.

Credit cards should be treated like debit cards. Pay them off and keep out of debt. That monthly finance charge will keep accumulating more than you can earn in a money market account. Always pay cash if you can. It’s not really all that wise (in the long run) to use money you haven’t earned yet, and receive a finance charge for borrowing that money. Something to think about…