Do you know exactly how much money you make every month? I’m not talking about approximations, I mean down to the last penny.
And even if you do, do you know how much you spend? Again, not generalities-I’m talking about accounting for absolutely everything you spend money on.
Amazingly, most people have no idea how much they make or how much they spend. Their paychecks are deposited in their checking account, and they spend their money until it’s gone.
Most people have no idea of how to put a budget together, and the prospect of putting one together can be downright frightening. Being able to visualize how much money you make and how much money you spend forces you to accept the reality of the fact that your income is a finite number that needs to cover every aspect of your life.
But if you can’t visualize your income and expenses then you’re leaving everything up to guesswork. In fact, trying to get a grip on your student loans without a roadmap ensures failure.
Today’s show is the beginning of a series on budgeting to help ensure your success at paying off your student loans. To make it easier to get started, you can get my free budgeting worksheet by clicking here. It takes all the hassle out of creating your budget so you can focus on winning the war against your student loan debts.
Resources Mentioned In This Episode: