Sometimes, creating a budget can be an overwhelming task, especially if you know you don’t have enough income to cover all of your expenses every month. While you may need the help of debt solution in Moncton NB, you can start by creating a very simple budget that will get you started to taking control of your money and finances. All you need is a pen and paper, or an Excel spreadsheet to get you going.
Make a list of what you spend in a month: Include bills like credit card debt, mortgage payment, condo fees, utilities, groceries and insurance. Don’t forget about things like eating out, going to movies or other entertainment and car repairs.
Make a list of your income: Include your income from your job, your stock dividends, inheritance, etc.
Subtract the amount you spend from your income, and that’s how much you’re left with. Is the balance negative? Then it’s time to start budgeting!
If you’re not sure how much you’re spending, then track your expenses for one month straight. That means every little thing, even a package of gum from the convenience store.
Once you have all of your numbers together, both income and expenses, you can look for ways to cut expenses so you can reduce your debt load. This may mean eating out less, spending less on entertainment and putting more toward your credit card payment every month. It may even mean taking on a part-time job until your debt is paid down.
Chances are, the interest you’re paying on your cards is around 15% per year. By increasing your minimum monthly payments, you’ll be able to pay the balance off quicker, thus paying less and less interest each month. Once it’s paid off, use it for emergencies only. Debt solutions in Moncton NB can help you manage your credit card debt, student loans, etc. so that you can start to live again. Visit Powell Associates Ltd.