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But living with out one can be…

Some people say budgets are “evil” or the big bad “B” word. I don’t get it. Maybe I am just one of those people who think you should know where your money is going, at all times.

A budget is simply a term for measuring the incomeand outflow of your money. Having a realistic budget and sticking to it is the only real way to get out of debt.

Everyone is looking for the “Silver Bullet” or the quick fix, but guess what? They don’t exist, unless you win the lottery. That aside there really is no quick fix to getting out of debt. There are no letters that will make your debt disappear with out completely trashing your credit.

1. It starts with creating a budget and sticking to it!
2. Keeping current on all your debts
3. Reducing your costs. (Example Less take out food and more home cooking.)
4. Increase your income. Ebay is a great way to raise some money from your old junk.
5. Apply the new found income to one debt at a time.
6. Apply over and over until all debt is paid.

It really is that simple. Time, Dedication, Motivation and Action!

You can pay Dave Ramsey for his books or his website but that’s what he will teach/preach you. Of course there will be a few small differences from one expert to another, for example Ramsey will says attack the smallest debt first and others say take the highest interest rate cards first.

This debate will rage on into infinity. But one fact will always remain if you do not take action you will not change your financial situation. If you are not willing to make a budget you might as well give up now. With out a plan you are 99% on your way to failure. So take out some time right now and grab a pen and paper, open an excel sheet, fire up quicken or MS money and get to it.

It really is not that hard and it will put you on the road out of debt.

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This entry was posted on Saturday, October 28th, 2006 at 3:14 pm and is filed under Budget . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.