Effects Of Being Fiscally Irresponsible?

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Effects of being Fiscally Irresponsible
There is always a cause and effect when you are not fiscally responsible. Your phone, cable, or other utilities could get cut off due to lack of payment, and 19% of young adults admit they have been a product of those repercussions. Another 15% admitted that their credit had been revoked due to their negligence (Dave, 2009). Approximately half of Americans aren’t paying off their credit cards each month (Northwestern Mutual, 2015a). It is estimated 74% of college students own a minimum of one credit card (Dave, 2009). A public accountant can recall many marriages that failed primarily over financial difficulties (Wood, 2014). Senator Madsen says, “ We can’t expect our young people to grow up to be competent voters, informed voters, if they don’t understand basic economics” (Wood, 2014, para 10).
How to Manage the Basics In order to be successful you have to budget and set short and long term financial goals and contingencies. The financial targets have to be motivating in order to be successful. If they lack luster and appeal usually it’s harder to maintain (Solin, 2012)
A budget is a plan on how to meticulously and effectively disperse your income prior to spending it. It’s a tool used to guide your financial decisions (Ramsey, 2009 & Solin 2012). Regardless money will be exchanged for goods and services, whether you utilize a budget or not. On the other hand, remaining diligent in monitoring the ins and outs

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