Keeping track of your monthly expenses is more than a valuable learning experience about your family’s spending habits. It is an essential part of taking charge of your finances, developing a sustainable debt management and financial plan and achieving your goals.
By creating and following a budget, you can track your spending and determine more precisely where you may be able to redirect money to debt repayment and / or possibly some savings. In this way, it is the first strategy to look at when tackling your debt.
If it’s your first time budgeting or if you’re unfamiliar with the budgeting process, consider the following tips:
By providing accurate information, you can ensure the success of your budgeting plan.
Small costs can add up. In addition to your rent or mortgage payments, factor in all your entertainment/miscellaneous costs too.
We have tons of budgeting tips and resources in the Advice section of our website. By learning more about the budgeting process, you will be able to better reach your financial goals.
Absolutely. Our budget worksheet can help you reach your goals. And our repayment options calculator will help you compare your debt payments based on which debt relief option you choose You can also make the budgeting experience more fun by involving your whole family, discussing successes and challenges, and setting individual savings goals. Following a household budget can ensure that you are able to set money aside to put towards paying down your debt, enable you to control your finances, and reduce stress.
