DEBT FREE IN 2013

MoneyphotoOK ladies.  We need to come up with a game plan. I’m tired of paying bills! Especially ones like credit cards. I hate to get that statement in the mail. I end up looking around the house wondering, “What the hell did I even buy?!”

The New Year is quickly approaching, so now is as good a time as any to get on the right track. We will be debt free in 2013 (or at least cut into our debt).   I serve as a personal banker in my real life (but my blog life is much more fun).  I’ve received a BA in Economics so I am not a novice to this whole money thing. I’m going to give you a few starting points as we begin this debt slashing journey.

  1. Check your credit report – How will you cut your debt if you don’t even know how much debt you have?? Everyone is entitled to a free copy of their credit report once a year from the 3 credit bureaus:  Experian, Equifax, and Transunion. This will also give you a chance to dispute any errors that you see. Some companies do make mistakes.
  2. Keep a spending log – Throw a little notepad in your purse and keep track of every penny that you spend for 2 weeks. Even the vending machine or coffee money.  Write it down.
  3. Track your income – Gather paystubs, bank statements, and any other income documents for the last 2 months.  We gotta know what we’re working with to get these bills paid.

I’ll be working on this with you guys.  See you in 2 weeks with the next steps. Happy tracking!

PS. When you start to track your spending, don’t cut back because you notice you may be spending a lot.  Keep up your regular spending habits.  We need a true, honest reading for this to work!  And BE CAREFUL when getting your credit report.  Nothing should require you to enter debit card or bank account information.  A lot of sites claim to give you your credit reports for free.  Just visit www.annualcreditreport.com .  I use it every year and it was very easy, simple, and FREE.

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