Telling Your Money Where to Go.

For those of you who are familiar with Dave Ramsey, telling your money where to go is a very familiar phrase. Dave Ramsey is an author, talk show host and personal finance expert. His Financial Peace University classes have helped millions of people get out of debt and move on to other things… like living.

The whole idea of telling your money where to go sounds hard at first because if you think about it most of us have lived our lives the other way around. We are always wondering where our money went. More days left in the month than money in our pockets.

So what if you sat down each and every month and decided BEFORE the month began where you were going to spend your money. Its not about not spending it’s about knowing what you are going to purchase before you purchase it. Mortgage, food.. ie the basics and then the not so basics, taking the family to the movies, new shoes, kids sports fees etc.

The idea is that you are still spending money its just you now know where its going. Once you know where it is going you can see patterns in your spending, you can change some of those patterns and begin to use that extra money to pay down your debt.

I don’t think there is a weight loss plan out there that doesn’t tell you to write down every single thing you put into your mouth. This way when you jump up 5 lbs you can look back and realize that the “few” cookies you thought you ate was actually the entire batch! Its the same with money. To know where its going you have to write it down.

I’d love to hear your thoughts… Where does your money go?

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