Wealth-Coaching

One of your best debt elimination tools is knowing where your money is going. Keeping a spending journal can really open your eyes to where all the money is going. You can keep it in a small notebook that you can carry with you, on a spreadsheet on your computer or in a personal finance software program. No matter how small the purchase seems, write it down. You would be surprised at how quickly that vending machine snack everyday at work or that occasional DVD from the cheap bargain bin add up when taken together.

Keep the spending journal for a couple of months. This will help you identify spending patterns. Then you can use the information you discover to help you cut back on unnecessary expenses and put that money toward debt elimination and wealth building. Creating a debt reduction plan based on your spending habits can help you eliminate debt much faster.