Reply to Earning Well but Drowning in Debt...how to dig out?

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[quote=Anonymous]I would recommend signing up for Mint (mint.com -- it's free), and then linking it to your bank and credit card accounts to help you start breaking down your spending. You'll need to put in some work to double check Mint's classifications of everything, but it'll be a good starting point. Then look at your spending for at least the first six months and see where your money is going. It's easy to sign up for a bunch of kid activities when it's just a couple hundred dollars here and there, but then you add it up and it annualizes to $4k a year, and you realize how obscene it is. Or how much you're spending on clothing when your kids don't wear half of what's in their closets. Or what you're spending on groceries because you buy everything at Whole Foods rather than Giant. Or how much you spending on take-out because you buy lunch every day at work and get it twice a week for dinner too. Once you see where all of your money is going, you may find some really obvious areas to cut back and free up a few hundred dollars a month to put toward your debt. Use that to work on paying off your credit card debt as quickly as possible, and then go from there.[/quote]

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