Fix Bad Credit - Keep track of your money
Most people are really surprised by how quickly their money seems to disappear. This is because impulse spending and small-change spending really adds up. Small-change spending is small spending we do without even thinking about it - buying that morning cup of coffee or a newspaper we don’t need.
Impulse spending refers to buying things we don’t use or need. In both cases, we end up spending too much unnecessarily, and this is a problem in credit repair because you want to be channeling as much money as you can into savings and debt repayment so that you can repair your credit.
For a month, try keeping a daily record of every penny you spend - including the money you spend on phones, the money you spend on tips, everything. You will be amazed where your money goes. Keeping track of your money this way does two things:
1) It allows you to see where you’re wasting your money and allow you to take steps to stop the bad habit. For example, if you notice that you always buy the newspaper on Saturday but never read it, you can stop buying the paper on that day. Small savings can add up over the years.
2) It automatically cuts down on spending. If you write down where you spend your money, subconsciously, you will be much more careful what you spend your money on.
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