Article: If you're serious about getting out of debt, you need to track your income and expenses, so that you can discipline yourself to spend only what's necessary for any given month.  Make a list of all your sources of income. Include every way you earn money, whether it's from your job, investments, interest income, etc. Tally your various income streams by month. Make another list of your monthly expenses. Be sure to include everything you pay for every month, including utilities, groceries, gas, eating out, tuition, etc. Tally these expenses by month as well. Subtract your monthly expenses from your monthly income. If you have more income than expenses (and that should be the case), then the remainder is your discretionary income and can be used for debt relief or savings. Every month, be sure to stay within your budget. If you go outside of your budget, you'll have less money for debt relief or savings. . To tackle your debt effectively, you're going to need more income. You can do that by either getting a second job (if you're a salaried employee) or earning more commissions (if you're in sales). Yes, this will take time away from your personal life, but it's necessary to get out of debt. Look for ways to reduce your expenses every month so that you have more money to pay off your debt.  Are you eating out too much? Save money by cooking your own food. Can you reduce your utility bill with a more efficient use of energy? For example, does the downstairs area really need to be air conditioned while everybody is sleeping upstairs at night? Are there electrical devices left on all the time that shouldn't be? Consider extreme couponing to save money on your groceries.

What is a summary?
Create a budget. Earn more money Trim your expenses.