So it is time for a new monthly challenge. This month it is going to be working on a financial situation. I am over my head financially and have decided to take the bankruptcy route. I have made every effort of pay donthlown my over $50,000+ of debt. It has been a very slow process and is causing a lot of depression in my life. I am going with a Chapter 13 for a couple of reasons. One, I have to, I am in that income bracket. Two, I still get to pay people back. It is a structed payment to all those folks I owe and they can’t call me and ask for more.



This is a decision I have agonized over for about two years. My goal this year was to paydown as much as I could but it just seems so overwhelming. I have an addiction issue with money and it has gotten me into big trouble. My promise to myself this year was to learn to do things differently. This includes with my money. I know that not alone with this issue and I am finding a support group to help me deal with this. Let’s be honest, addititcion happens with everyone (shopping, smoking, sex). This is my reality. So Red, whatcha gonna to do bout it?

My monthly challenge for October is to write down every penny I spend. Thanks to a free Android app called Hello Expense, I will be able to catergorize my daily spending. This will be the basis to creating a much improved budget. I also know that I will have to account for my spending with the courts so it is better to start now. Being accountable for my money. Yikes! If you need some pretty envelope’s, check this out.

Today’s goal is to create categories. Starting with a printout of my last months bank statement, I will be able to get a picture of what I am spending on. Then, in November, I will combine this months figures an create a better budget. I am going to go with the envelope system as it a cash based system. This will also bring a bit of reality to my situation…if there is no money in the envelope…can’t spend it…right??

So Money Monday’s will return, I will account for my spending and be able to show my progress. The good and the bad.

What budget system works for you? Have you used the envelope system??

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