Debt mastery program – Step 6: Plan your monthly spending

Debt mastery program: Plan your monthly spending

One of the most important principles of the debtwatchers- debt mastery program is that we can only get out of debt by not taking on more debt, by that we mean short-term, insecure debt.

That is why we draw up a plan of our spending. We plan that our expenses in the month ahead will not exceed our income and that our basic needs will be looked after.

Our needs are defined as whatever is necessary for us to work, earn, provide stable housing, food on the table, clothes for work and funds to allow us some enjoyment. For the moment, don’t worry about the debt.  You come first and we encourage you to plan for yourself and not to repeat the practice of using budgets for what you can afford. We believe that a budget can stop you expanding your horizons.

Proper planning encourages you to think positively about what you want in your life and how you are going to achieve it financially. You need to create a plan that works, by that we mean that you can live within your income and hence not debt.

We encourage regular monitoring throughout the month; no plan is cast in stone, rather it is a work in progress.

Watch previous steps here: STEP 1STEP 2, STEP 3, STEP 4, Step5…


Christopher Needler is a businessman, entrepreneur and the former Chairman of Hull City. he is the co-author of 3 books:
– It Doesn’t Grow on Trees
– Debtwatchers Debt Mastery Program
– Sanity in Clarity