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The final process is to create a financial plan. Getting here has been a lot of work tracking income and expenses, creating a budget, getting a debt reduction plan in place. Now the final step is to put down on paper your financial plan. 

 Article Links:

https://www.franklintempletonindia.com/investor/investor-education/video/importance-of-financial-plannng-io04og31 

 https://www.investopedia.com/terms/f/financial_plan.asp

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Started tracking expenses and income, setup a budget now knows where the money is going, the next step is a debt reduction plan. This is the next step towards getting credit card and all debt under control. 

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New year maybe good time to setup a new budget. Already have budget good time to review and make changes to reflect the changes in life.  Adding new categories, removing old ones is an ongoing process. 

Request a budget worksheet already setup by going to ReduceDebtIncreaseWealth.com face book page send instant messenger request budget worksheet giving your email address will send. 

 Article Link:

https://investedwallet.com/personal-finance-statistic/

https://www.debt.com/statistics/

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What is tracking and how does this work with a budget. First a budget only shows what you should be spending. Without tracking how would a person know if on track or spending too much. The most important part of your personal financial life should be tracking.

 Article Links:

https://www.thebalance.com/how-to-track-your-expenses-2385695 By Miriam Caldwell

 Small Expenses That Can Add up to Overspending Issues (thebalance.com) By Miriam Caldwell

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Unable to pay off credit card balance every month a problem is developing. To solve this problem stop using credit cards to made purchases. This is how to stop using credit cards, the rewards are not worth the interest and fees that may be paid. 

Article Links:

https://www.forbes.com/advisor/credit-cards/how-to-get-off-the-cycle-of-using-your-credit-card-for-everything/ By Kelly Anne Smith

 https://www.consumerismcommentary.com/10-steps-to-break-the-2credit-card-habit/ By Abby Hayes

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Building credit is important for everyone. Having a bad credit score will hurt the chances of getting a loan, and even increase cost of insurance.  

Article Links:

 https://www.experian.com/blogs/ask-experian/credit-education/improving-credit/building-credit/ By Stefan Lembo Stolba

 https://www.bankrate.com/personal-finance/credit/how-to-build-credit/ By Nicole Dieker

 https://www.bankrate.com/finance/credit-cards/how-to-report-rent-payments-to-credit-bureaus/ By Raychelle Heath

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Debt consolidation may be a good idea, can you get the loan with lower interest rate. Is your credit rating improving or getting worse since the last loan or new credit was issued. Getting a higher interest rate loan does not make sense so beware before getting a loan consolidation. 

 Article Links:

https://www.forbes.com/advisor/personal-loans/pros-and-cons-of-debt-consolidation/ By Kiah Treece,  Jordan Tarver

https://www.nerdwallet.com/article/loans/personal-loans/debt-consolidation-loans-bad-credit By Jackie Veling

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Companies offer you relief from credit card debt if it sounds to good to be true then beware. What to know before doing anything. Do it yourself to reduce the cost and time to get out of debt. 

 Article Link: 

https://www.consumer.ftc.gov/articles/0145-settling-credit-card-debt

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What can be done to lessen the impact of inflation on household budgets. What is inflation and how to tell if it is affecting your budget.

 Article Links:

https://pocketsense.com/budget-inflation-2221946.html By William Adkins

https://www.theadvertiser.com/story/money/business/2021/08/07/how-account-inflation-your-budget/5499935001/    By Mary Fox Luquette

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Having some type of debt reduction plan is a must to get rid of credit card debt. There are things to do to help and things to avoid at all costs. 

 Article Links: 

 https://www.nerdwallet.com/article/finance/find-debt-relief By Bev O’Shea

 https://www.consumer.ftc.gov/articles/0150-coping-debt

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