Financial Literacy Debt Series: Track Your Spending To Pay Down Debt

Track all of your spending for the month. This means tracking everything including your $1.00 per day vending machine habit, everything counts. This stuff all adds up! It is important that everyone in your family participate in this process and make sure that the tracking is as accurate as possible. Once you have completed this process it is time to analyze your expenditures and see where you can save some money. There are things we spend money on everyday that are not necessities and this is where you can pull from.

Find the things you can cut down on and maybe start out small so you don’t feel like you are being deprived. Then take this money and put it towards paying off your debt. A little bit of extra money going toward debt will go a long way.

For all of LearnKey’s Financial Literacy Month resources, visit learnkey.com/financiallitmonth