Financial experts agree that a budget is the essential accompaniment to a credit repair program.
You may not have lived by a budget in the past, but if so it is never too late and the time to begin is now.
With a little effort you can put together a budget that will stabilize your financial life, support your credit repair efforts, and perhaps even lay the foundation for long term wealth.
Hey, you may as well dream big! Setting up a budget takes some planning, but you will find that the results are well worth the effort.
Begin by listing all of your financial obligations.
Don't leave out anything, housing, utilities, phone, auto, and insurance costs are obvious, but there is always more.
A proper budget will take into consideration all forms of financial outflows.
Don't forget expense that comes up only yearly.
If you usually take an annual vacation, include one-twelfth of the amount as a monthly expense, and then plan to set that amount aside each month in advance.
One important payment that is often overlooked is the money that you spend on yourself.
This is meant the money you spend on such things as your hobbies, your leisure activities, and socializing such as going out with your friends.
These are real expenses and an important part of a balanced life.
Don't forget these costs or you will find your budget repeatedly and unexpectedly out of balance.
If you are like most people, your expenses will exceed your income.
That's okay because it only means that it's time to think about making some changes.
This may seem hard, but with practice you can learn to live within your means.
Avoid the temptation of turning to credit cards to support your previous lifestyle.
Many have learned the hard way that this is a sure formula for misery.
But don't sell yourself short - you can succeed.
Learn to consider the sacrifices you make today as an investment in a great financial future.
Good credit repair is for life, and as always we are here to help.