Every time you make a charge on your credit card or use a payday loan to pay for an item, you’re paying twice. You are paying for the actual cost of the item and you are paying to borrow money to buy the item now. Most of us don’t think of this when we use credit cards or unsecured loans to pay for something, but often considering a purchase this way makes the most sense. Before you charge another item, ask yourself:

-How many years or months will I spend paying off this item? If you were to pay the minimum amount on your credit card, how long would it take you to repay the item. Compare this to the amount of time you will spend using the purchase. Are you willing to pay for this purchase that long?

-How much of my time will I need to dedicate to my work to pay off this item? Add up the total cost of that item (purchase price plus interest) and determine how many hours it would take at your current job to pay for the item. Is it worth that many hours of your life?…