BULL’S EYE ADVICE ON HOW TO BEAT THE DEBT CHALLENGE
Step 3: Track your spending
To change the way you think about money – to alter your debt mentality – you need to realise exactly how you spend it. Now is the time to record as accurately as possible your expenses, for a period of at least 30 days. Keep every invoice slip and record every rand spent, even if it’s a few coins to pay for the newspaper. Buy a cashbook from a newsagent then staple your daily slips on left-hand pages and make reconciliations on the opposite pages.
This exercise will stand you in good stead because you will develop a clear track of where all your money is disappearing to. You will soon start distinguishing between need expenses and want expenses, and work out where you can start saving money.
Once you’ve summarised your outstanding debts and tracked your money for a month you will have a clearer idea of how much money you need to start cutting out of your monthly expenditure.
For individuals or even companies that that just need some sound advice on how to overcome the debt spiral contact:
Charl ten Oever
Bull’s Eye Financial Consultants, a Certified Financial Planner,
Tel: 011 465 0508
Cell: 079 926 9504
Web: www.bullseye.co.za
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