My Journey out of Debt

Featured customers currently enrolled in a CareOne Debt Relief Plan, share journey to become debt-free; hear how they juggle family, finances, and more.

Why I Love Budgets & Structure

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Why I Love Budgets & Structure Please allow me to admit up front that I am a nerd when it comes to some areas of my life. I am that person who pays strict attention to detail both professionally and personally. I must admit, this part of my personality is stronger than normal.

However, it is my strict attention to detail that has resulted in many prestigious achievements, like obtaining an MBA degree from a major university, working for President Clinton and his foundation, and many other professional and personal accolades. As a professional auditor, detail analysis is part and parcel of what I do on a daily basis. So, it is quite natural to carry that role over to my personal financial planning.

In this blog post, I want to discuss two topics of interest: budgeting and structure.

The first distinct area of my focus is budgeting. I believe budgeting is an invaluable tool in my everyday living, as well as strategic planning for future financial goals. Budgeting gives me the framework to map out the direction I desire for savings, retirement funding, and leisure items like vacations and luxury item purchases.

For me, luxury item purchases are far and few between, given the current economic environment and I remain vigilant with my spending. An important element of budgeting is the ability to adjust it over time and to provide myself with a snapshot or scorecard status of my progress. It is important to know where I stand regarding expenses and financial goals at any given time.

With a budget, you can understand how market and societal changes may affect your financial status. Of course, I am stating the obvious but it still helps to understand your financial situation in a concise way.

Structure is the foundation of any good organization's framework and thus it is the same on a personal financial basis. Structure is very subjective and has to be addressed and established on a purely individual basis.

One's perception of structure can and almost always varies with that of the next person. Nonetheless, a structural framework is important, particularly as it relates to a person's financial debt resurrection.

CareOne helps debtors regain financial stability and identifies the structure of debt relief that best suits their needs at that moment of inception. Of course, CareOne's primary goal is to help a person reduce their debt, but as a result of the exercise, there is a hidden gem that arises out of the journey.

The byproduct is that the debtor should discover new organizational and structural tools to help them maintain better financial discipline and control going forward. In addition, those tools that are newly discovered are inherently individual and unique only to that particular person. At a minimum, a newfound sense of discipline results because the debtor basically has no choice but to conform to the debt schedule and its consequences on a person's financial framework. The umbrella that sits above is the structure needed to pursue financial literacy, independence, and inevitably, financial wellness.

The right strategic mix of budgeting and a more robust and structured plan will inevitably lead a responsible and disciplined person in the right direction. I know that this methodology works because I am living proof. It is by no means foolproof, but it is a way to begin to maintain a semblance of order in a chaotic and ever-changing economic landscape.

To read more of Joe's posts click here

Joe Thompson, CareOne Services, Inc. Debt Management Plan GraduateJoe Thompson

Joe Thompson has been a Debt Management Plan (DMP) customer with CareOne Debt Relief Services since September 2008 and recently graduated to become debt-free!! Joe Thompson is active in many non-profit areas including; acting as Site Director for I.S. 8 NIKE Youth Basketball and has served as a mentor to many young inner city youths. As a hobby, Joe is a high school and college basketball referee in the New Jersey tri state area. Having officially completed the Debt Management Plan, Joe Thompson is excited to share what his experience on the DMP was like as well as what made his experience a successful one. Look for more posts under the My Journey out of Debt blog. Compensated CareOne Debt Relief Services Blogger.

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  • I have learned to coach myself and say "No" quite often. This is the foundation of my budget philosophy.

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