There are many ways to use money wisely and probably many more ways to squander it! Since we are a one-income family I really feel it is especially important to use our money wisely.
If you have large debt, or are paying interest on debt every month, then reducing your debt is a good start. This will help you have more monthly money for other things - not paying interest.
You have to decide if you want to have a mortgage. I know some people who will not buy anything until they have money saved for it - including a house. They rent until they are able to buy. Start with this mindset - from now on! Do not pay for anything unless you have the cash for it.
In order to reduce debt, you need to start paying it off. Plan on paying more, much more, than the minimum on your highest interest debt, or your smallest debt. There are different viewpoints on this. If you can pay off a debt, then use that payment to work on your next biggest debt, it snowballs, and helps you cut the interest quickly. Make sure you look at each of your debts, and find out if there are penalties for paying ahead of schedule, or no interest advantage to pay early. It happens.
Make a decision to reduce your debt, every paycheck, every month. It will make a difference.
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