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Q & A
Drowning in Debt I'm so glad I found your website today. I had been banging my head on the wall trying to figure out how to do the things you suggest on the show. Then I went back to the show's site and found that someone had left your website address in a comment. HALLELUJAH!! The reason I am writing though is that I'm wondering how to get back
to swimming above water. My fiance has been working from a -$1000 overdraft
for longer than I've known him. This has always been very troubling
to me but since his regular pays don't even cover the deficit, we've
had no choice but to continue living that way. My overdraft is only
$300 and I always try as much as I can to not dip (too much) into it;
but recently I've had to do it just about every month. How can we work
on a debt repayment plan when we're never working from a positive bank
account? I truly appreciate any insight you might have for me. Take
care, and thank you so much for everything you do.
Name Withheld
Okay, this is something a lot of people are dealing with, but the answer is pretty simple. Either you are spending too much money, or you don’t make enough. I don’t know which one it is. You have to figure that out for yourself. Use Gail’s Interactive Budget to figure out where your money has been going. That means gathering up all your bank and credit card statements for the past few months and working out what you’ve been spending. If you’re spending too much, cut back. If you’re not making enough get another job: a second job, a third job and better job. You can’t keep spending more money than you make. You can’t keep living in overdraft. You have to do something about this. NOW! |
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Books The contents of this website are of a general nature and should not be construed as financial advice. Individuals must seek professional counseling based on their specific needs before making a financial decision. ©Gail Vaz-Oxlade. Contents of this website may not be reproduced in any form without the written permission of the author. Site by cobourginternet.com Site map |
