Reserves in Savings
It may take awhile before all that high interest debt has been paid off and you’re back to a positive net cash flow each month. Once you do achieve that, what’s next? Savings in Reserves Since you now have a …
Category: Personal Finance
Do What’s Right, Not What’s Easy
To get and then keep your finances in order, you’ll need to have the discipline to do what’s right and not what’s easy. We are all bombarded with advertisements everyday and everywhere. Keep in mind that people build their careers …
Basic Budget – Check that Net – Positive Value
This is a great achievement, positive net. This is what we’ve been shooting for. You should be proud of yourself for getting this far. Nonetheless, there’s more to do. If you’re still carrying bad debt (like credit card debt, student …
Return to Your Notebook
Remember when we started this journey? You got yourself a pocket notebook and a pen/pencil. The task was to record every purchase, every day for 30 days. That journey is coming to and end and we need to evaluate our …
Basic Budget – Check that Net – Negative Result
It’s time to review the net cell on your spreadsheet. This was the difference between your income and your expenses. If that number is positive, congratulations. You’re not losing money every month. If your number is negative there’s a problem. …
Basic Budget – Your First Budget
Building Your Budget Before we begin, let’s make sure you have everything you’re going to need.List of all monthly incomePrioritized list of all monthly expensesYour favorite spreadsheet (or paper and pencil) Open up the spreadsheet program (or grab that pencil …
Review Steps to Get a Handle on Debt
Review If you’ve been keeping up, let’s review what we’ve done to date. Next steps You have accumulated a lot of information. Your list shows exactly how much money you have coming in and how much is going out. This …
Quick info on Spreadsheets
We’re going to get into making a budget. A spreadsheet is recommended for this, but paper and pen will work just as well. If you’re not used to or have an existing spreadsheet, I did a quick search on google …
Basic Budget – Prep for Budget
If you’re still here and working your plan to reduce your debt, awesome. Lots of people ‘talk’ about it, but very few ‘do’ something about it. I’m glad to think you’re a doer 🙂 So by now we’re getting entries …
Basic Budget – Evaluate debt
Now that you’ve started writing down each of your purchases in that pocket notebook, let’s start to look at debt. Categories Keeping inline with KISS, let’s identify overall categories for your debt. This can be things like credit cards, medical …