Start with a Budget to Get Out of Debt (GOOD)

Getting out of debt will help you in so many ways and truthfully it isn't that challenging once you get the ball rolling. It all starts with first recognizing that debt is an emergency, no matter how you justify it in your head.  This post will teach you how to cut some variable expenses and how to track your spending.

Budget Step 1:

Take the time to actually create a budget. And rename categories that apply to you. Everything is auto-summed monthly and yearly giving you a monthly and annual breakdown.

Budget Step 2:

Back-fill the previous  2-3 months prior to starting your budget. This is important. It shows your spending habits. It will help you see where your money went!

Budget Step 3:

For the current month, list the money you aim to spend in each category. This is your new adjusted spending goal. Maybe you were spending $800 on groceries and now your goal is $400.

Budget Step 4:

Weed out and cut down on excessive categories. After back-filling 2-3 months and setting goals, now you can begin to target the areas where you spend the most money.

Budget Step 5:

Figure out what % of your earnings are getting spent on variable expenses and really limit that. Take the monthly expenses and divide it by the monthly earnings. The goal is to work towards the 80/20 rule.

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