BUDGET, BUDGET, BUDGET
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.