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So, you’ve got your bills all in one place and you can readily and easily find them. Excellent!
Now you have to get the courage and open them.
You’ve probably spent a good portion of your life avoiding this step and keeping your head in the sand. And for some, you think this is a good strategy. But avoiding opening your statements is part of the reason you’re struggling right now. You don’t have the information you need to take action.
So don’t wait – rip open the envelope and look at the bills. I know it can be difficult and even scary to face our credit card statements but you can do it! So go ahead, I’ll wait – go look at the bills.
So how was that? Probably not as scary as you thought, right? And even if you were shocked by the amount, it’s ok. You’re going to get out of debt.
I want you to focus on three things when you open your bills:
a. The due date
b. The amount owed
c. The transactions that occurred during the month (eventually there will be no transactions to look at because you stop using credit cards)
Looking at the due date is going to help you when you develop a system for actually paying the bill, but for now it’s a good exercise for familiarizing yourself with due dates.
For some of you, the amount you owe is a recurring, depressing activity. I get it – I’ve been there. I remember what that felt like. However, it can’t become your excuse for avoiding the ‘amount due’ box.
Take a deep breath and look at it.
Take the time to review all the transactions carefully. You’d be surprised how often you’ll find a mistake, in your favor that if corrected promptly changes what you owe. Go over your statement with a fine tooth comb. Then, put your bills back in your envelope system and give yourself a pat on the back!
**If you’re paying your bills via online banking you’ll do this step online. Don’t forget to still give yourself a pat on the back!