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Episode 3612:
Jeff Rose explains practical steps for gaining control of debt by creating a realistic budget, tracking income and expenses, and identifying true disposable income. He also shows how cutting unnecessary spending and using extra cash to make debt overpayments can help reduce debt faster and lower overall interest costs.
Read along with the original article(s) here: https://www.goodfinancialcents.com/simple-ways-to-improve-your-debt-management-skills/
Quotes to ponder:
"Budgeting is about knowing how your finances work and controlling what you do with your money, in other words, not letting your money control you!"
"Your disposable income is essentially the amount you have left on a monthly basis to pay towards your non-priority debts and, if you have any spare after doing this, to save and to spend on non-essential goods/services."
"Overpaying your debts can be an excellent way to improve your debt management skills."
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