Whether you know it or not, you are always setting your financial priorities. Some may decide that a new stereo system is more important than this month's electric bill. This may be a little off
wall but it is still setting your priorities.Anyone wanting to better manage their money would be wise to determine what their financial priorities are and stick to them. Of course, if you see that these priorities will not put food on table and pay your bills then you will have to rethink your priorities.
Setting your priorities is simple. You just decide what is most important aspect of your finances and put that item on top. However, if you decide on that stereo over your electric bill, you may find yourself in dark with no need for a stereo.
There are basic priorities that pertains to everyone. These are simply a matter of survival. Here is a list of basics:
Water Food Shelter
That was a tough one.
What does it take to ensure that our basic needs are met? The main ingredient is a source of income to pay rent or house payment, pay utilities, and buy groceries. This is where you start setting your priorities.
Before you can spend another penny, you have to take care of what you need to survive. Don't put off rent or house payment, utilities and don't skimp on your groceries and necessary health items. If you do you will start experiencing money problems much sooner than you would if you had delayed paying other bills instead.
What's next? If your source of income happens to come from a job, then I would say your transportation. You have to get back and forth to work so you can afford all of other stuff. This would include your vehicle payment, gas, insurance and maintenance. If your source of income is not a job then go to next step.
