Dwindling savings mean that global households are taking on more debt and are less able to absorb a financial blow like the loss of a job or a downturn in the economy.
If you are concerned that your finances could be in danger, there is a way to tell whether you're in over your head. Answer 'yes' to any of these questions and you could be living beyond your means.
- You do not have a budget.
- You rely on your bank account’s overdraft to cover monthly expenses.
- Clothes in your closet still have the price tags on them.
- The saleslady knows you by name.
- You have become a preferred customer.
- You rarely spend time in the kitchen.
- The man at the coffee shop asks if you will be having 'the usual.'
- Your hair costs you half of what you pay for rent.
- The cab company is on your speed-dial.
- You lie about what you have spent.
As a nation, we are digging ourselves ever deeper into debt. To avoid becoming part of the gloomy bankruptcy and foreclosure statistics, it's important to measure your financial health regularly.
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