Skip to main content
No. of Recommendations: 1
Good morning, and welcome!

One essential step is to determine where the money’s been going. Gather together the past year’s worth of cc bills, and your check register, and add up what you’ve spent in each category.
You’ll tweak the categories as you go, but as an example, you can start with mortgage/rent, utilities, insurance, internet/TV/landline, house maintenance/repair/improvements, cell phone, car payments, car maintenance/repair, gas, medical, groceries, restaurants, travel, donations/gifts/charity, gym, ...

This exercise can easily take a solid two days, so plan accordingly.

The reason it’s a year, and not just the past few months, is because some things don’t happen often (major car service, Christmas shopping, ...) and so can get overlooked if you just take a snapshot of a short time span.

After you gather the data, we’ll be delighted to help you analyze it.
Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.