BUD­GET, BUD­GET, BUD­GET

Finweek English Edition - - MONEY -

The role of your bud­get in get­ting out of debt can’t be over­stated. Flem­ing ex­plains: “Once you’ve de­cided you want to be debt free, you need to put to­gether an ex­pense bud­get. How of­ten do you hear peo­ple say­ing, ‘I don’t know where my money goes’? The eas­i­est way to de­ter­mine where your money goes is to put to­gether a bud­get.”

He says it’s best to do a monthly bud­get over a three-month pe­riod, as this will al­low you to as­sess any un­usual ex­penses – such as car re­pairs – that don’t hap­pen ev­ery month. Your bud­get should help you iden­tify waste­ful ex­pen­di­ture.

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