Learn How to Budget and Get out of Debt

Regardless of how you plan to resolve your debt problems there will come a time when you will have to find out exactly how much your household brings in each month and how much goes out each month and to whom. 

Most people balk at developing a budget plan; however, you will have to organize your monthly income and expenses on a worksheet if you plan to do any of the following:
Budgeting Calculators

Budget Percentages -- Find out if the amounts you are spending on food, housing, transportation, entertainment, are within guidelines set by financial planners.

Expense Percentage Calculator --  Find out what percentage of your income you are spending on housing, groceries, transportation, entertainment, medical expenses, etc. Create and print your own expense report.

Periodic Spending Cost Calculator -- Find out how much the nonessential things you buy everyday are costing you and how much you could save over the years if you gave them up.

Net Worth Calculator --  What is your net worth? Use our calculator to evaluate your assets and liabilities and print out a personalized financial statement of your net worth.

Brown Bag Calculator -- Find out how much you can save just by bringing your lunch to work instead of eating out -- the average savings is $10,000 in just two years!

Generic vs. Store Brand Calculator -- Generic and store brand products cost half of name brand products with the same amount of quality and taste.  Find out how much you can save over your lifetime if you develop a plan to buy generic rather than store brands.

Inflation Calculator -- Understand how inflation eats into your savings so you can better plan for your retirement

Lifetime Earnings Calculator and Millionaire Calculator -- Find out how long it will take you to become a millionaire at your present rate of wealth accumulation
1)  File bankruptcy

(2)  Sign-up with a credit counseling service

(3)  Negotiate with creditors for alternate repayment

plans and reduced settlements

Even if you don't plan to do any of the above, it is important to get a very clear picture of how your money is being spent each month.  Therefore, to discover your true financial condition and get out of debt once and for all you should do the following:

Step 1:  Find out where you are spending your money and how much is being wasted each month.

Step 2:  Find out how and where you can cut back on expenses in order to free up more money to pay your debts.

Step 3:  Decide what action you are going to take (bankruptcy, credit counseling, debt negotiation) based on what you discovered about your finances in Steps 1 and 2 above. 

Use our menu at right to discover ways to reduce your monthly expenses and develop a budget.  By keeping track of every penny spent for several months you might discover that you can get out of debt on your own without choosing options (1), (2), or (3) above.  Some people discover that they are wasting as much as $800 a month that could go towards paying off debt.

A good way to start the process of resolving your debt problems is to find out how seriously in debt you really are.  To do this, calculate your debt-to-income ratio. 
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"Ways to Save Money"

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