FMOOD 0152: Get out of Debt Budget Board - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.

The other day, I purchased a large whiteboard for the sole purpose of providing both my wife and me with a high-level overview of our budget. I highly recommend that you do the same, especially if one of you handles the budget for the most part while the other spouse is in more of an advisory role. It's a great way to keep the budget out in the open as well as having the overall debt information in front of your eyes and on the front burner at the same time.

 

You may set your board up any way that you choose, but for us, we started by adding our monthly income, expenses, and the difference between the two in the upper left-hand corner of the board. Below that we have the major budget item categories along with what we're spending in each category and what we've already spent so far for the month.

 

On the other side of the board, we listed our overall debt amount along with our current target debt (what we're focusing on paying off at the moment). Below that, we listed any upcoming expenses that have yet to be budgeted for future months. Below that, we also listed possible income streams other than the expected amounts that we receive from our places of employment. I personally think that this is a great way to keep you focusing and thinking outside of the box when it comes to additional income ideas.

 

As mentioned, we decided to purchase a larger board and use it on its side so that it's longer in length than width. You may not need as much whiteboard real estate and can get away with using a smaller board. Feel free to do whatever works best for you. I think the most important thing is that you do something to help you to see where things are headed with the budget for any given month as well as keeping an eye on where you're at in your get out of debt journey.

 

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