Monday, October 15, 2012

Budgeting 101: Analyzing Where It Goes..

Alright, so the next step in the Debt Diet is finding out where it all goes! Analyze you statement and find out where your money is going. Continue to write it all down for the two weeks. After this month separate your finances into the following categories:

  • Food (this should be separated into two parts-grocery and eating out)
  • Entertainment
  • Living Expenses (Fixed-Rent, Car Payments, ects)
  • Living Expenses (Variable-Phone, Internet)
  • Savings/Retirement
  • Cash/ATM transactions
  • Clothes, Hair, Misc.

I think that you will be surprised at where your money actually goes. And if you are not saving anything but you are spending money on entertainment, shame on you!

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