The "B" Word

One of the things that really kept me from succeeding financially was a lack of budget. It wasn't like the "old days" in which people played "beat the bank" with deposits and check writing (this is where you write a check on an account that doesn't have the money in it at the time, but you know that you will be able to deposit into your account before the check that you wrote will go through the clearinghouse), but it was similar. I used my checking account to pay the major bills like rent/mortgage, utilities, car payments, etc., but nowhere did I have a written plan to ensure that I wasn't living beyond my means. This lifestyle gives credence to the adage that if you fail to plan, you are planning to fail.

During my first round with credit card debt, I sought the help of Consumer Credit Counseling, a not-for-profit organization that negotiated terms with your credit cards. They would schedule an appointment with you for you to go over what you spend each month, and let me tell you, they were extremely thorough in expenses. When I had completed my survey of what I usually spent my money on, they worked with me to set up a budget. Included in that budget was an amount that I sent them each month to pay down my debt for me...more information can be found here