Do You Have Any Money on Monday?

Some people get paid once a month (i.e. teachers), some people twice a month, some every other week, and some people weekly (i.e. certain Union workers). No matter when you get paid, do you ever have any money left a few days later, or are you like most people and your money is already spent for you when the weekend of pay period is over. Until my credit card debt is eliminated (and, it is less by $17,000 than it was a year ago), paycheck to paycheck is the way that life will continue to be lived. I have advocated a budget before, but let's take this time to revisit a sometimes unpleasant, but really quite necessary subject:

BUDGET!

"How do I make a budget?", you may ask. It is really quite simple and it takes a little bit of effort on your part. Start first by writing down everything that you spend your money on in an entire month. If you buy a piece of gum at the gas station when you fill up your vehicle with gasoline, write it down (don't forget to write the purchase of the gasoline either). When you buy a can of soda from the vending machine on your way out the door of Wal-Mart write that down. It is a bit of a tedious task, but it can develop some very helpful habits for you: You become more aware of what you are spending wherever you go, and you are developing the habit of building a budget. When your month is over, add up all of your expenses on one side of a sheet of paper and your income on the other side of the paper. Did you spend more than you had (credit cards) or did you have money left over?

If you are like most, you have more month left at the end of your money. See how you are wasting money on all of the trivial things and unnecessary things in your daily life. Do you really "need" the soda from the machine at work? Could you save money by buying a case of it at the store and taking it with you? Are you spending a fortune at the grocery store, but your cabinets are basically empty except for the 10 varieties of potato chips?

This is a good start. Tomorrow we will go into a little more detail on how to "flesh out" your budget. If you want a book that will help you to forever eliminate your credit card debt, click here.

Have a GREAT day!