I’ve always been bad at budgeting. I honestly don’t have one. I typically look at the check book balance and see if I have enough money to pay the bills and if I don’t I just cut back on spending for the following month.
Obviously that is not the best way to deal with money issues since I’m not planning properly and reacting last minute. So to help me get better with finance I found Oprah’s Debt Diet Action Plan (which I hope to implement phase 2 for my situation):
- Step 1: How much debt do you really have?
- Step 2: Track your spending and find extra money to pay down debt
- Step 3: Learn to play the credit card game
- Step 4: Stop spending
PHASE 2 (long-term goals)
- Step 5: Create a monthly spending plan
- Step 6: Take big steps to grow your income
- Step 7: Prioritize your debts and raise your credit score
- Step 8: Understand your spending issues and save
Here’s a success story from Smart Cookies by following Oprah’s Debt Diet:
Good luck with managing your finances.