If you feel like it's getting more and more difficult to
pay off your bills every month, it may be time to reevaluate
your finances. Your credit rating can affect everything from
job prospects to your ability to buy a home, so it's never
too soon to take control of your debt.
To better manage your debt, consider these five steps:
1. Track your spending. Record every penny
you spend in a daily journal for a month or two. We admit
that's not the most exciting activity, but trust us, you will
be amazed at the results. Jot down coffee and sodas on the
run, daily breakfast, lunch and snacks, grocery store runs,
and other places you spend but don't ordinarily keep track
of or budget for. Most households can typically find at least
15% that can be cut from their spending without pain.
TIP: Use a small notebook or a piece of paper in your wallet
and log ALL daily expenditures everyday.