Runaway Checkbook

 

How to Get Started

 

Make the decision that you are determined to get your finances in order, and that you want to control your spending so you no longer have a "runaway checkbook".  If you are not determined, then it won't happen.

 

Gather up the last TWELVE monthly bank statements.  It is extremely important to have all twelve statements.  Follow all the steps I will lay out and do not make any shortcuts.

 

Gather up the most recent credit card statement for each card you have.  Go online and download the statement if you do not have the statements.  Call the credit card companies and they will tell you how to login to their website.  Make a list that includes:  Credit Card Company, Current Balance, Interest Rate, Date payment is due each month.

 

Make of list of every loan you have.  The list should include:  Institution Name, Current Balance, Payoff date, Payment amount, Date payment is due each month.

 

Gather up the last paycheck stubs you have.  Gather more than one if they are not the same each time.  This is more difficult if you are self employed.  Click on the button for "Self Employed" to learn specific methods that apply to you.

 

Stop using credit cards TODAY.

 

Stop all discretionary spending that is not absolutely necessary TODAY until you can develop your spending plan.

 

Start taking cash each week.  Try to determine an amount of cash you need per week that will be enough for your basic needs.  Take this cash on Friday each week.  This amount will change once the spending plan is determined.