After gathering all of your debt details you may feel overwhelmed. Don’t give up! You are on the right path to becoming financially fit. Your next step in this process is to establish a monthly budget.

Everyone hates to hear the ‘B’ word, but a budget is necessary to figure out how much of your money is left at the end of each month, without using any form of credit. Once you see your financial details organized on paper it becomes easier to separate the spending categories. There are many free online products available to help you track your monthly income and expenses. One of the more popular financial tools is  This tool helps you keep track of your financial life. It is important to see where your money is being spent so you can reduce your discretionary spending. Many of your spending habits have become a part of your routine. With discipline and determination you can break these costly habits to create a more profitable future.

Be patient with yourself. It is difficult to change your normal spending habits, especially if you have been spending above your means. If you are trying to break a routine, such as your daily designer coffee purchase, make sure you reward yourself once in a while so you don’t go into complete withdrawal.

Reward with restraint. You don’t want to fall back into your old spending habits.

~Charlie Peet~

Discretionary Spending

"Money spent by consumers on things other than necessary things such as food, clothes, and fuel."