Thanks. We have been in debt for the last 4 years (3 of which we didn't make much progress) so the feeling of getting closer and closer to being debt free is just great.
One of the key elements that help us achieve the goal was using a bi-weekly budget (we get wages twice a month). It helps to keep expenses under control (and to apply the "extra cash" to the snowball) and it may help to identify the places where one can save.
We use to go out to eat a lot, and thought we didn't cut it completely this item, we assigned a fix monthly amount. The same was for items like food, clothing or car related expenses.
In my first budget version I was very detailed. I have many categories and subcategories. Now that I am in my 3.0 version, I have simplifyed and eliminated some items. Just be willing to adjust and tweak. Now I spend no more than 15 minutes preparing the budget; just a few adjustments here and there.
For those readers preparing a budget for the first time, let me make a two suggestions:
1) Budget some "blowing money". When I started, I was committed to spend no money on silly stuff, but after a few months I started to miss them. Reserving some money helped me staying on track without going crazy.
2) Discuss the budget with your spouse or partner, and if you are single, with someone trustful and responsible. It can save your troubles and money.
I hope it helps.
Pat  |