FMOOD 0115: Learn More About Yourself - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.

One of the best ways to learn more about yourself and your spending habits is to look at transactions over the last three to six months for several different categories. These categories can be entertainment, restaurants, and even your morning coffee. Even if you aren't one to keep good records, most banks and other financial institutions will allow for you to go back 90 days or more when you do your research online. Doing this will allow for you to look through your transactions to find out how much you've spent in these various categories over a longer period of time.

 

This larger number that you'll likely come up with can be quite eye-opening. You may realize that the money that you have spent on one or more categories could have went towards your debt as one or more larger payments. When I did this exercise, I found that we go out to eat a lot. That's our downfall. It didn't seem like much at the time; when I looked at $40.00 or $50.00 per dinner for a family of four, I didn't feel that this was much of a problem or a distraction from paying off debt. However, when I saw just how many of these dinners that we spent our money on over the last six months, I could easily see how that money could have been better used to attack our debt.

 

Now, does this mean that you will need to decide once you get your data that you shouldn't go out to the movies, dinner, or sporting events? Of course not. This exercise isn't meant to be a way to deprive yourself of fun activities. Instead, this exercise is meant to simply paint a picture for you to help you to better manage your resources. You can still go out to eat or enjoy a ball game, but perhaps you may find that it's best to scale it back a bit and only do these things every once in a while as a special treat, at least while you are in the process of getting out of debt. It will also help you to have something to look forward to once you have succeeded with your goals!

 

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