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How to practice financial responsibility


Practicing financial responsibility is key to living a healthy financial life. Living within your means is essential to being financially responsible

Spend less – Don’t spend more than what you bring home

Save –  Set aside a fixed amount each month into a savings account. If you don’t have a savings account, it is important to set one up.

Budget – Create a monthly budget and stick to it. Your budget should track how much money you have coming in, how much you are spending, and where it is going.

Emergency fund – Set aside some of your savings into an emergency fund. ACCC suggests a minimum of  six to nine months’ worth of income in this fund. Emergency funds are designed to help you avoid using credit cards for an unexpected expense that could leave you with a hefty debt.

Retirement – It is never too early to start saving for retirement. Millennials should be taking advantage of employer offered 401(k) plans. A little goes a long way, especially since many employers will match each contribution.

Establish credit –Get a credit card so you can start building credit. Do not charge more to the credit card than you can afford to pay at the end of each billing cycle. The best plan of action is paying your credit card bill in full at the end of each month. Building credit now will be important when making big life purchases in the future, such as your first home.

Pay bills on time – Late payments affect your credit score and could affect being approved for a loan in the future.

American Consumer Credit Counseling (ACCC) offers non-profit credit counseling and debt relief programs for consumers nationwide who find themselves drowning in debt and wondering "How do I get out of debt?" Our certified credit counselors have helped thousands of individuals and families learn how to reduce credit card debt and get out of debt through a variety of credit reduction strategies. Our credit card debt consolidation and debt management plans help achieve credit card relief by consolidating credit cards payments to pay credit card debt down more quickly. We also offer bankruptcy counseling, housing counseling and other financial education services.

American Consumer Credit Counseling - Consolidate Debts - Better Business Bureau American Consumer Credit Counseling - Consolidate Debts - Mass Housing Approved National Industry Standards for Homeownership Education and Counseling American Consumer Credit Counseling - Consolidate Debts  - Council on Accreditation American Consumer Credit Counseling - Consolidate Debts  - NFCC Member