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Review your monthly bills.  When your statements arrive read them.  Understand what you are being charged for.

Itemize all monthly bill payments in a journal. Phone, gas, electric, mortgage/rent, food, credit cards, installment payments and other expenses.

Review your budget monthly. Figure out where you went over budget and how to reduce that expense for the next month.

Eliminate unnecessary expenses.  Start small by cutting out the things you can easily replace with a cheaper option.  Something simple like shopping at a grocery store instead of a convienence store would help.  If you can cut just $4 a day out of your budget you will save $120 a month or $1,460 a year.

Do not resort to payday loans.  Effective APR's range from 390% to 780% in some cases.

Most importantly don’t get down on yourself. You will probably be over budget most of the time.  It is important that you can see where your money goes every month.  Over time you will gain a better understanding of what is necessary and what is not.

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