It’s an exciting time in North Dakota. The state’s economic growth (not to mention population growth) has made headlines. This growth and the associated jobs provide higher wages and more disposal income. Along with that extra money come opportunities to make some significant financial progress … and the temptation to overspend.
Down on the farm, there is a saying that applies to this time: “Make hay when the sun is shining.” When the conditions are great like they are now, resist the urge to spend more or take on more debt. Now is the time to pay off debt and create a position of financial strength. Remember once a dollar is spent, it is gone forever. So each dollar must be spent wisely. Income can change, and if one has overspent, it strains the budget and can make it impossible to keep one’s payments current.
Now is a great time to pay off debt, save money, and invest for your future. If you are struggling to keep current on the bills or just want to go over the budget to determine how you can improve your financial situation, don’t hesitate to contact the Village Financial Resource Center and speak with a certified financial professional.