Stop the Money Spend-A-Thon and Start Saving

By Debbie Wilson
LoanPage.com Columnist

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Before you can undergo a debt consolidation strategy, you'll need to figure out where you're frittering money away on superfluous objects and fleeting experiences. What you'll learn is that there are concrete ways to save without depriving yourself or your family.

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Money Roadblock Ahead

So you think you know your expenses and where your money is going. But do you really? While you may be able to distinguish between the mortgage, electric, and phone bills, can you account for all your nickel and dime expenditures? The best way to accomplish this task is to keep a precise spending diary that tracks every single cent you spend over a two to three month period. Additionally, you can jot down comments next to each purchase, noting your mood, time of day, and true need for a particular item. Doing this will help you see exactly where you're spending your money. From this diary, you can create a detailed spending, saving, and investment debt consolidation plan.

Saving with Credit Card Debt

You don't have to follow the orthodox advice about paying off your credit cards before stashing money away. Putting some in savings, even if you are in debt, proves you're actually capable of saving, something that has a tremendous psychological advantage and also shows lenders that you can save money.

Debt Consolidation Action Plan

  • » Keep a detailed spending journal
  • » Have regular money meetings to review finances
  • » Slash spending
  • » Find affordable treats
  • » Contribute to savings
  • » Pay credit card debt at a steady rate
You'll feel good knowing exactly where your money is going and happier when you begin saving toward your financial goals.

About the Author
Debbie Wilson owns and operates a lakeside resort. Her previous experience includes profitability consulting for a national healthcare company. Debbie holds a B.A. in Business Management with a minor in Physical Education.

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