How to create a spending budget

After you have a plan for paying down debt, previously covered in this article – and you’re making progress toward your debt reduction goal – set a spending budget.

Your budget should be realistic, something you can live with, but you should try to create it so that your expenses are well below your income.

There are many budget worksheets available online, including one you can download here.

If you’re spending more than you’re making, or if you want to pay down your debt faster, consider these ideas for ways to cut costs or explore getting a second job temporarily.

By taking specific steps to bring in more money than you spend, you'll be building a budget that will get you to your financial goals.


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