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6 Steps to Get Out of Debt
- Chart your debt
- Cut Expenses
- Setup Snowball schedule
- Stop Spending
- Create a budget or spending plan
- Build an emergency fund
Most of us, starting out on our financial debt-free journey, don’t have any idea where we stand financially. We know there may be a paycheck coming in, bills are getting paid at their bare minimums or not at all, and that we are stuck in this ground hog cycle with nothing to show for it.
Where do your finances stand? Chart your debt is taking a clear look at where you stand, where you need to go, and how you are going to get there. This is probably the most painful part of the journey: realizing just how much debt you owe, how much interest you are throwing to creditors to keep you in debt, and wondering how to deal with it all.
Tally up your debt (gather last month’s spending report from your bank’s website), add your income and subtract expenses. Money left over is used for discretionary spending and paying down debt.
Click here to download or print: http://www.moneyfunk.net/wp-content/uploads/2009/10/SpendingLog-Budget.pdf