Continued……

Fortunately, most of you doing your personal financial worksheet will discover that you indeed make enough money each month to pay for all of their “needed bills” and still have at least 10% of their income left over to transfer into savings.

If you are one of the lucky ones (like the one I just described) you have an opportunity here to change the outcome of your personal finances forever. All you need to do is look at the items of expenditure on your worksheet that are in the category of “unchecked” which are in your desires and wants expenditures and focus on removing them. You can learn to have activities that do not cost money (or very very little).

If you are a golfer and you see that you cannot afford to pay for green fees, or if you are a skier or snowboarder and realize you cannot afford lift passes and equipment it is time to make some changes. Please keep in mind that these are temporary changes and that you get your financial house in order you will be able to return to these expensive activities at a later date.

What my husband and I did was discover new activities (physical and nonphysical) that do not require any kind of spending. We decided to take long walks for our exercise, and we realized that we did not need to be renting new releases from the video store or renting new releases off of the satellite dish to be happy. We went down to the local public library and we began taking out books of interest and began reading as a pastime instead of watching movies.

This greatly enriched our lives because we were not constantly bombarded by television advertising telling us to spend money on things we don’t need and watching all of the bad news on the news. We were learning more and feeling more relaxed at the same time knowing we were not spending unnecessary money.

This change in lifestyle may seem ridiculous and not for you, but if you are serious about fixing your personal financial situation please take a moment to consider these ideas.

Within a year’s time we managed to pay off all of our bad debt by using a debt consolidated loan, and by sticking to our new budgeting system. Remember that you can too.

This process may take up to two or three years before it completely reaches critical mass or fruition. Why?  Because some of these bad debts that you have incurred, and make monthly or biweekly payments on, are setting you back so you can’t get out of these debts until the contracts are over.

I am talking about car lease payments, home alarm systems, cell phone contracts, Internet and telephone contracts, and furniture loan payments. Remember that these bad debts, or bad expenditures, will expire by and by.

Try not to stress out about this and give up on your goal of financial health. Keep it up – just keep on going and you will be surprised how quickly your personal financial situation turns around.

End of Assessing Bad Debt + Monthly Budgets Part [3];

Read on: Assessing Bad Debt + Monthly Budgets Part [4]