October 26, 2005

 

One Paycheck at a Time

In my experience, getting out of debt sensibly takes time and a solid plan. I think the biggest mistake is to create a monthly budget. Most of your bills are due once a month, but your income may come in every week, every two weeks, or every other week. If you keep budgeting each month instead of by the timing of your paycheck, you will have more month left than money.

Life became so much more tolerable when I started budgeting my money based on the timing of my income. In fact, I felt as though I took control back from my creditors when I made this shift. Yes, I owed them and I had to pay them in a timely fashion but I wanted to pay them on my terms. When I realized that I could split up my payments based on the timing of my income becoming debt free finally appeared possible.

Some points to consider:

1. Figure out how much money you need to set aside each pay period for your income.
2. Begin thinking in terms of when you get paid not when your creditors want you to pay them. 3. Design a sensible plan for how your paycheck will be allocated each payperiod.

If you spend only an hour a week paying bills and managing your checkbook, you are not becoming a master at your finances. It takes time to design a plan and to work it. If you do anything consistently every week for 2-3 hours, it becomes a habit and eventually you will become really good at it. It wouldn't surprise me that you find your debt decrease more rapidly with this approach.

I hope this email finds you well on your journey to become debt free.

All my best,
Kimberly A. Griffiths
Author
www.OnePaycheckataTime.com

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