Kristin Fink September 29, 2020 Budget
It does not take much for you to get behind on monthly bills, but it sure takes some time to catch up. The comparison in my mind is to weight gain. A one-week vacation can easily pack on 5 to 7 pounds. Losing that weight however, can take a good month of cardio. That is no fun, and neither is trying to find the extra cash to pay last month`s credit card payment.
While we may know how much money we have coming in, studies show that most of us do not know what is going out. Not knowing how much money we spend each month may put us in a position where we need money that we do not have. We may end up using credit cards or getting a payday loan to cover the shortfall.
Following this, you have food expenses which also includes the food you buy when you eat out. Another category of expenses is the entertainment category which involves going out to the movies, concerts and plays. One last major category of expenses is the insurance category where you will need to pay car, home, health, disability and dental insurance. This is a category that is often left out by people doing budgets.
You realize the basic idea, but what if you do not fit into this category either. If your debt is far less manageable you can contact your local Consumer Credit Counseling Service or a debt consolidation company to help you get back on track. If your credit is still in good shape you may be able to get a low interest loan to consolidate debt yourself with monthly payments you can afford.