Track your spending – Unless you know where your money is going your can’t plan or change anything. A small notepad will do the job, however there many apps that will do the same job. Once a week right down your expenses in different categories. You may be very surprised where your money is going.
Do a budget – now you know where your money goes you’re in a position to do a budget. Don’t go crazy with cut backs. Save a little the first month and go from there
Be prepared for a blow-out. It’s easy to be hard on yourself when your budget gets blown out of the water. The most important thing to do is reflect and re-focus.
Pay yourself first – resolve to put some money, say $50 somewhere you can’t touch. Yes even if you have debt. It will build your confidence in your abilities and helps with motivation.
Cancel your Buy Now Pay Later. You cannot pay off a debt that you still use. And now that Christmas is over, who wants debt anyway?
Sell your crap and pay down your debt. This both generates income to pay down your debt and shows the folly of previous spending.
Deli-slice your bills – contact your electricity company, gas company, council, water company, department of transport and get weekly or fortnightly direct debits coming out of your accounts instead of quarterly or annual bills. It doesn’t change the amount but it smooths it out and makes it unbelievably easier to manage.
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