Managing your money Managing your money Many middle class families begin to get in over their heads, financially, once they have a baby and buy a house. Especially if a two income household suddenly becomes a one income household.
Debt begins to increase from credit cards and loans.
This high interest debt can quickly pile up forcing you to live from paycheck to paycheck. This heavy burden makes you feel as though you will never be free, but there are things that you can do to rid yourself from debt. Once you are debt-free, you can use your money towards more important things, like retirement, college funds, savings and vacations. Temporarily stop contributing to retirement or savings accounts. High interest debt is costing you more than the savings interest.