subject: Phoenix Debt Recovery – 5 Steps to Debt Recovery and Regaining Control of Your Finances [print this page] Phoenix Debt Recovery 5 Steps to Debt Recovery and Regaining Control of Your Finances
You may be having a rough time financially in these hard economic times. But how do you start on your road to recovery and regain control of your finances? Just follow the five steps below to start your debt recovery today.
Step #1 Find Out Where You Are It is important to know where you are today in your finances to start your debt recovery. This can be accomplished by writing down your income for the month as well as your expenses.
Step #2 Track Your Expenses You will then want to track your spending for 30 days so you can establish a budget. You can do this on a weekly expense worksheet and also a monthly expenses record. Remember to put your expenses into categories as this will make it easier to create a working budget.
Step #3 Create a Working Budget Developing a working budget will put you on the road to debt recovery faster than anything else. Make sure to allow some mad money for yourself as well as your spouse as this will help your debt recovery the most. Just make sure you adjust your budget to allow for the mad money so you still live within your means.
Step #4 Track Your Repayment of Debt On your road of debt recovery, you will want to track the repayment of debt to all creditors. Make sure you include credit card companies, student loans, payday loans, and even monies owed to family and/or friends.
Step #5 Create Some Financial Goals You can use a worksheet to create some financial goals for yourself and your family. On this worksheet you can list the goals as well as the steps you will take to accomplish these goals. Creating financial goals will keep you on track for your debt recovery.
So , as you can see, if you find out where you are, track your expenses, create a working budget, track your repayment of debt, and create some financial goals you will be on your way to debt recovery.
