Just about a year ago, my husband and I announced that we were consumer debt free! The only debt we held, at the time, was a student loan (that I swear will never be fully paid off!). Anyway, since last April we relaxed a bit with the budgeting, what a BIG mistake.
We have acquired $1500 in credit card debt (I know, right! I feel horrible.), and we now also have our mortgage (which feels GREAT!).
Each month I keep thinking to myself, "where is all the money going?"....so, I finally decided to practice what I preach. I worked to organize the last 6 months of our expenses into categories to see what we were ACTUALLY spending....nearly fainted at the numbers, and then created a plan.
The crazy thing? During this period of time of little to no tracking of our expenses, I was creating these actual spending sheets and budgets for friends and family! How hypocritical of me, I should have been on top of our spending before giving other people advice.
Anyway, thankfully we are back on track and have a plan to repay all debt by the end of the year, and I have been EXTREMELY diligent with tracking our spending since my initial discovery of our finances last week.
Does your family budget? Do you need help setting up a budget? I hope be happy to help. Simply e-mail me @ email@example.com and I will either do it for you (obviously with your involvement), or guide you in setting up the tracking sheet, creating a debt reduction timeline, and a monthly budget.
What are your financial goals?