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How to make a debt repayment plan
All you need to do for your debt repayment plan is to calculate two things:
a) How much money you make (how much is coming in to your home).
b) How much you spend and where.
Sounds simple doesn't it? Unfortunately it will probably take a bit of work.
If you get a regular salary, the first part of the question is easy - it's less easy if you're self-employed, but still possible. The second part of the question will require some research on your part, unless you already keep meticulous spending records - and if you're in debt, the chances are you don't.
Where's the Money Going?
Step One: Keep a spending record
Record every last little cash outlay as well as big expenditures. You're trying to find out where your money is going in much the same way as a dieter tries to work out how many calories he or she is consuming.
At the end of each week, break down the spending into categories such as groceries, clothes, dry cleaning, petrol, coffee, newspapers and magazines and fill in the figures.
The more categories you have, the better. For example, don't just put down 'food.' Break it out into groceries, takeaways and eating out. Categorising specifically will tell you more.
After just one week of this you'll probably have a few surprises. After a month you'll definitely have new information - such as how much you spend on late video returns, two daily cappuccinos, or just how much those little forays to the shops for 'an eyebrow pencil' are costing you. (Many women are horrified when they see how much they're spending on cosmetics and hair-care products - especially when so much of that stuff ends up in a drawer, unused.)
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