Manage and Reduce your Debt!
Manage and Reduce your Debt!Managing and reducing your debt is a top priority for absolutely everyone. It does not matter how well you are doing or how not so well you are doing with your personal finances…Learn to manage your finances and you will forever reap the rewards. There are many credit counselling agencies out there and budget calculators for you to download but you will consistently hear the same advice: Make a list of your monthly income and expenses every month to have a better understanding where you are and where you need to be in the future. Here is how you start:
Make a chart to summarize your monthly income and expenses
For example:
MONTHLY INCOME
1. Salary=
2. Child tax benefit=
3. Other=
TOTAL INCOME=
MONTHLY EXPENSES
1. Housing (Rent, Mortgage, Hydro, Heat, Internet, Cable, Repairs, Other)=
2. Food (Groceries, Eating-out, Take-out, Other)=
3. Clothing=
4. Health (Dentist, Prescriptions, Other)=
5. Transportation (Public, Car, Other)=
6. Recreation & Education (Books, Sports, Games, Lessons, Hobbies, Vacation)=
7. Miscellaneous (Pets, Gifts, Savings, Personal)=
8. Payments (Loans, Credit Cards)=
TOTAL EXPENSES=
TOTAL INCOME(-)TOTAL EXPENSES=$$ This amount needs to be in the positive-if it is not you need to adjust your spending and try this budget chart next month. Making the effort to fill out this chart is the most important task of the month for your finances, your life and your family. Start today!!!Let us know how this helps you over the next three months! Good Luck!
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
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