Are you tired of living paycheck to paycheck. You don’t think you are spending that much but you never seem to have enough to pay the bills? You want to save but there never seems to be anything leftover. Than it’s time for a change! And earning more money isn’t the answer. You need to take a good look at where your money is going and for most people the answer is your debt!
If you have debt piled up and are only making minimum payments you will be stuck with it forever. Even worse if you have debt and continue to spend! If you keep spending and in turn adding to your debt you will struggle to get it paid down.
The time to erase your debt is NOW! Sit down sort out where your money is really going. Do you have extra money you can use every month to pay down your debt? Maybe instead of buying lunch every day you could bring one from home and put that extra $5 a day towards paying off your debt? Once your debt is gone you will be able to start making interest on your money, instead of someone else making money off your debt.
Need a form to help track your spending? You can find a very detailed one here. Track everything, every coffee, every bill. Pull up your credit card bills and sort out what new purchases were made during the month too. Look at where all your money is truly going.
If you need to start a budget to help stick to your payments there is a great budget work sheet from Canadian Budget Binder you can try out.
Stop juggling the debt! Have you paid off debt? Do you have any pointers about getting back into the black? I would love to hear about it.
This post has been posted during the Blogging from A to Z April Challenge. It’s letter…..
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