calcNope, not an awful pick up line, although I am sure there is some way it could be.  It’s something we should all know the answer to – especially if you are single and supporting yourself.  It’s your Profit and Loss - not just for businesses anymore!  Have you done your Profit and Loss statement yet?  If you haven’t and are considering lowering or getting out of debt, it is about time you do so.  A P&L Statement is used by businesses/corporations to determine a budget based on what revenue is coming in and what expenses are going out.  So, consider yourself your own business.  If you don’t know your P&L, how do you plan your budget?  Us single people don’t have another income to rely on, so we are our own CEO.  Chances are you are working or have worked in an environment that insists you work on a budget; there are usually no options to go outside that budget and to maintain that budget you have to, at times, make cut-backs.  If you consistently go outside the budget set or spend beyond the company’s limits, you risk losing your job.  So why should it be any different if you are planning on eliminating your own debt?  The risk is the same if not greater – if you want to get out of debt, but consistently go outside your set budget and do not monitor your expenses as they relate to your income, you go out of business i.e. further into debt or even bankruptcy.  If you are serious about changing your financial status, sit down and figure out the revenue (income) you have coming in and then set up all of your expenses going out.  At first you need to analyze it on a weekly basis, a monthly basis and a yearly basis.  Chances are you will find that you are living beyond your means, so you have to make cut-backs. Go month to month of even week to week to start off.  Treat your life like you would a business you are running.  If you understand your individual P&L you can set up an effective budget and the result is your life runs smoothly.  By not understanding what your true financial situation is, you can’t begin to set up a realistic budget and you will continue to overspend or not spend where you need to and dig yourself deeper.  Your debt is serious business, start to treat it that way, ignoring it doesn’t make it go away, but fully understanding it makes you a more effective CEO!