Where does your money go? Paycheck
comes in and bill payments go out. Who is in control? Most folks would like to
say that they are in charge of their money, but if they do not know where their
paycheck went, that idea might just be wrong. Do you know what you use your
credit cards for? Do you know how much you owe towards them? How many
short-term payday loans have you used to get by throughout the last year? If
you are one of the many who are living in debt, you may be in denial as to who
is in charge of your income.
One of the best ways to discover
where your money goes is to track your expenses. Add up all your monthly bills
and expenses and subtract from your total take-home income. How much is left
over? Can you account for what is missing from your wallet or back? Where are
the leaks? If you don't track down every purchase throughout the month, you may
be spending money which should otherwise be set aside for payments. Some of the
biggest culprits are trips to convenience stores, added trips to the grocery
store; drive-through lines as well handouts to family members. Your children's
allowance should be accounted for within the budget. Once you can get a real
look at where your money goes you will be able to start plugging the leaks.
You may have to take a reality check
and make changes to some spending habits. Are there particular days of the week
that money leaks faster than others? Would a grocery list help limit trips to
the market as well as cut down on eating out? If you pack your lunch and snacks
for road trips would you be able to pay down some of your debt instead? These
changes may keep you from needing to use credit cards or online payday loan
lenders when the end of the month comes around. If you think about it, omitting
third party money from your monthly expense account will save you even more.
You will limit how much interest you pay each month and have more of your
income to use as you see fit. It is then that you will gain control of your
hard earned money. Right now, your cash is being funneled into the creditors'
and lenders' pockets. Can you see the problem now?
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