debt

Sound money management advice from Grandma

Live within your means
Live within your means © JohnKwan/Shutterstock.com

Making wise choices about lifestyle spending starts with creating your budget, says Kevin Gallegos, vice president of Phoenix operations for Freedom Debt Relief.

"When you spend, write it down," Gallegos says. "If you can't track it, you're not going to be able to measure it, and you won't know whether you are following that budget."

McGervey has often seen clients get a little too impatient to reach expensive goals such as buying a dream home. One client meets regularly with McGervey to talk about the stress of the debt he took on to buy a big house that he really couldn't afford.

"Often, people spend money they don't have to buy things they don't need in order to impress people they don't even like," McGervey says. "It always comes down to core values."

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