Debt Management - Budgeting and Financial Controls

Introduction
The most fundamental basic of debt (or money) management is to be in control. To know about every penny that comes in and where every penny goes. Ideally, when you open those envelopes that arrive on the door mat every day there should be no surprises.

If you are in debt and/or having financial difficulties, you need to bring yourself around to a situation where your income exceeds your expenditure - you need to establish a budget and stick to it.

Budgeting and sticking to it are two separate things. In this article I am going to cover setting the budget only, sticking to the budget will follow in a subsequent article.

Before carrying on it is worth noting that the principles outlined below are good for not only reducing debt, but also growing personal wealth overall - effectively an investment for the future.

Establishing Costs and Income

The first thing to do is to recognise that all spending is not equal: that some monthly expenditure is more important than others. For example, not paying your...

Learn more here: http://blog.thai-z.com/dhiansblog2282/2008/04/21/debt-management-budgeting-and-financial-controls/

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