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.

Reverse Budgeting

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Reverse BudgetingMore on budgeting. I love that we bloggers have dedicated this month to budgeting. It helps us all to stay in focus.

Trying to make it all succeed, I decided to create my own reverse budget. What is that you ask? Well, my husband and I devised a little twist on our budgeting strategy, which has paid off brilliantly!!!

Here it goes:

On the 15th of each month, we write all the checks for NEXT month's payments, and also add all the other payments (car payment, debt payment, an average utility and telephone bill). The money that is left in QuickBooks or Excel is the money we can live off of this current month. It doesn't matter how much MORE your bank account says you have. Forget it exists. Stick to what your papers say on the 15th of each month.

In other words, live in the future, not in the present.

If you have your next month's responsibilities covered by the 15th of each month, you are good to go. You can easily budget your payment dates. Simply call or log onto the web sites of your telephone carrier, cable provider, etc. and adjust all of your payment dates to fall around the same week each month. Also try to have ALL of your bills on auto payment. This makes you more responsible to keep enough in your bank account and alleviates the headache of remembering to write checks each month.

I look daily at what comes in from our salaries (I get paid twice a month, and my husband's music students keep paying all month long), and I really dance the happy dance at the end of each month when my account still has money in it.

These are difficult times we are all going through and if you plan and discipline yourself, you will see the light at the end of this financial tunnel.

It is all about perspective. Don't let your current situation drag you down.

Make decisions, stick to them, and you can only succeed.

Mariella Stockmal, CareOne Services, Inc. Debt Management Plan GraduateMariella Stockmal

Mariella is a business management specialist who moved to the United States from Greece in 1998. She has since become an American citizen, lives in Santa Barbara, California and her passion is coaching and helping people who like to learn business, life organizational and financial tips. Mariella has been on a Debt Management Plan (DMP) customer with CareOne Debt Relief Services since 07/09/2009.  Mariella is a voracious reader, loves music and cooking, and is actively running her husband's small business. Being close to officially complete the Debt Management Plan, Mariella is very excited to share what her experience on the DMP was like as well as what made her 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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  • Thank you.  Now how do I set a budget of my own?  I need help PLEASE!

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