You might think it is simple and easy but at times the simplest things could be hardest to achieve. One of the most difficult tasks to accomplish is tracking the money you spend. However it is essential when you think of something like debt consolidation to get rid of the debt trap you have got into. You should develop the habit of writing down everything that you have been spending. Purchases have to be planned in advance. All these may sound too easy but in practice they are not.

Learning your own common financial errors and knowing perfectly the financial situation you are in would a great debt help that you will contribute for your own benefit. So you have to move step by step to achieve this goal. The first step obviously would be balancing your check book and the second step would be determining the sources of your income. You should perfectly know your balance sheet which means to calculate exactly what is your income and expenditure. 

The process of your bill consolidation to find out the exact financial position you can have a tabular chart showing your weekly, fortnightly, monthly, quarterly, half-yearly and annual income and expenses. Remember, it is extremely important to determine exactly how much you are spending. You may get the shock of your life when you really calculate all the trifle expenses that you did not pay any importance earlier because together they could come up to a substantial amount.