Looking at Your Spending and Debt

Is Your Spending out of Control?

Many people make statements such as the following (how many of them are statements you might make?):

  • There's never any money left over at the end of the month.
  • I don't have a budget.
  • I am not sure how much I spend on basic items like food or clothing.
  • I don't have nearly enough money in savings.
  • I charge more on my credit cards than I pay off each month.
  • My spouse and I fight about money all the time.
  • I delay or avoid paying bills because there's no money.
  • I worry about money constantly.
  • If I could just hit the lottery, all my problems would be solved.
  • I don't know how everybody else does it.

If four or more of these statements ring true, then your spending habits may need some serious scrutiny.

The first step is to take a look at your debt as a whole. Fill out the Debt Worksheet. It will help you put together a list of all the money you owe, and is your best starting point for the calculations and strategies that are necessary. Put down every item, no matter how small. For credit cards, put down the outstanding balance, not the amount you pay off each month. Then use your totals to calculate your consumer debt ratio and your total debt ratio. You might also want to look at the section Why Have I Gotten into Debt?

Share Article:
Add to GooglePlus

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Heartland Bank and Heartland Planning Associates are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Heartland Planning Associates, and may also be employees of Heartland Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Heartland Bank and Heartland Planning Associates.  Securities and insurance offered through LPL or its affiliates are:

Not Insured by FDIC or Any Other
Government Agency
Not Bank
Not Bank Deposits or
May Lose


The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.