I decided just over a month ago to turn our finances around, get out of debt, and start saving for the future. In the long run, changing the way we manage our finances will secure a comfortable future - home ownership, capacity to handle emergencies, and ultimately retirement. In the short-term, so short that it is already starting to happen on the smallest scale, we will have more money for the things that are important to us by prioritizing our spending and applying a little common sense to our budget.
Part of the process to turn our finances around has been carefully analyzing our spending. Luckily, I used Quicken all year and have been vigilant about entering and categorizing every expense. I've been pulling reports from Quicken this month to figure out where our money goes, and it is definitely alarming.
The winner of the unnecessary and wasteful spending is ...
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3 comments:
Ouch! That is a lot of finance charges! To be truthful, I have not figured up how much we have paid in finance charges or interest.
I've carried a substantial debt for many years, but this is the first time I looked at the finance charges as a separate expense -- eye opening to say the least.
Hey, somebody else has done the math!
Sometimes you have to hit rock bottom to find your way up, right? I can tell you once I'm out, I'm never going back! Be sure to watch for post-Christmas balance transfer offers to help lighten the load.
Good luck making progress in the new year!
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