‘Tis the night before New Year’s,
When all through the banks
Loans small and huge are hitting the tanks.
CEOs are resigning or they’ve been fired
Borrowers perplexed try to sort out the mire.
As a credit wonk, I want to declare,
“Plan for the year ahead to avoid more snares.”
With credit card snows, medical bill woes,
and foreclosure throes, it’s difficult to know
Which path over, ‘round or through to go.
Since credit isn’t fun for anyone,
We begin with basics and reach for the sun.
Let’s start at incoming, then outgoing sum.
How much income do you receive each month?
Gather your bills, bank statements and such.
List every expense. Yes, you really must.
The facts are the facts. It’s important to face
Whether your expenses or income set a pace.
Sometimes when we list all the pennies spent
It quickly adds up to far more than comes in.
When catastrophe has not caused this state,
Credit card living usually fuels our fate.
Looking toward 2008, will you plan to stay
Committed to no more debt on your plate?
Take another look at that list of expenses.
Start a new page with all your essentials.
Housing, food, insurance and transportation;
Utilities, clothing and miscellany.
What must you spend to live and work each day?
What luxury feigns as requirement masquerade?
When you’re dedicated to a debt free life,
You make the trade-offs to get yourself right.
As you examine all your expenses,
Off the top what can you dispense with?
Because “budgets” seem somehow constricting
While “spending plans” appear far less afflicting,
I urge you to plan what you will spend to win
Debt reduction as these twelve months expend.
Make this a year when your finances soar
Because you decide to be snookered no more.
No slick offers to buy or accounts sublime
Whether escaping or avoiding
The world of subprime.
When you come to the end of 2008,
May your higher credit scores
Cause you to celebrate.