Steps to get out of debt that makes cents!

BUDGET -You can’t see where your money is going unless you track it. It would be like heading out on a trip with no map and no GPS! In order to reach your goals and get from where you are today and where you want to be you must have a financial road map. Setting up a budget www.getsmarteraboutmoney.ca is easier than you think.

Once you know your cash flow( income-expenses) you have a better picture of what you need to do. You need to either reduce your debt or increase your income  as shown in the chart below from Moolanomy.

positive-negative-cash-flow

Reduce Expenses: Look at ways to reduce your expenses.

Here are a few ideas to check out.

www.beingfrugal.net/101-ways-to-save-money

www.financial-fitness-for-families.ca/what-will-you-eat-in-retirement

Earn more Income: You can only reduce expenses by so much so if you may need to increase your income.

Here are a few ideas to check out.

www.moolanomy.com/689/extra-income-guide

www.moolanomy.com/462/30-alternative-income-ideas-and-resources

Once you have a successful cash flow plan in place you can reduce your debt and start saving for your long term dreams and goals.


 

 

One Response to “Steps to get out of debt that makes cents!”

  1. MoneyBaconGuy Says:

    The graphical images here are priceless. Budgeting is the flashlight that will shine the light on which situation is yours. I went from yellow to green when I began budgeting.