You may have the best intentions to sit down and start working on some of your debt. But you can’t just throw your whole income at the problem and call it good. If you have someone who will pay the rent, utilities, and your food for you, then you are good to go. But most people will still have some living expenses that they need to pay off while they work on the debt. Understanding your living expenses, and cutting back where you can, will make a difference in how well you can pay down some of that debt as well.

We have to remember that our credit card payments will not be the only expenses that we have in life. This means that you will need to assess some of your other life expenses when you are ready to tackle that credit card debt. To understand where you put your money from one month to the next, you need to take stock of your current expenses and income. How do you get this done though?

You will need to look at the last three to six months of credit card and bank statements and then add up what amount you make on average each month in your income, and then the average that you are spending each month as well. You can then see whether you are coming out even and if you even have enough to pay some extra on the credit cards if you would like. Even if you have extra, finding places to cut can make a big difference.

Another thing to consider is breaking down the spending into different categories, and then dividing those into two buckets. These buckets will include the essential expenses and the nonessential expenses. To help free up some funds for your debt repayment, you may need to cut back on some of the nonessential spending to help, such as not purchasing as much clothing, cutting down the streaming services, and not going out to eat as often as before.

When you are on a good budget, you will find that it is much easier to afford the high-end living and the nicer apartment that you have always dreamed about. And with a little shopping around, you may be surprised at how affordable this can be for you. We welcome you to come check out some of our great apartments, which can provide the upscale living in Miami that you are looking for. With great amenities, high-end features, and lots of space, you will want to move in right away. Contact a member of our team to learn more and take a tour.