Sometimes it seems like everything revolves around money. Money determines where you live, what car you drive, what clothes you wear, what entertainment you partake in, what kind of vacations you take, what food you eat, and any number of other things. One important thing to consider that will help make you more financially successful is to get your finances organized and prioritized.
Once you know how much income and important expenses you have, you’ll know what you have left over to live within your means and get/stay out of debt. Of course, it is important to pay your bills first and worry about luxuries after. I’ve created the following spreadsheet as a simple tool to help create a monthly budget. Simply fill in the amounts of your income and expenses into the list, and the spreadsheet will do the calculating for you.
Budget Workbook (file download)
If you do have credit card debt, there are lots of resources out there to help you. Consolidating several cards into one loan with lower interest is a good place to start, as it lowers your monthly minimum payment across the board. Just be sure to close out the cards you no longer have balances on so that you will not be tempted to use them again! Always pay more than the minimum payment if at all possible, so that it does not take decades to pay off.
Savings are important to build on every month/week or whatever interval you are able to contribute. This will give you some cushioning for emergency situations that arise so that you are not left in a bind. The ideal goal is to have at least 3 months worth of salary in your savings, but don’t let that number discourage you. Something is better than nothing! Linking a savings account to your checking account can also spare you a significant amount of money in overdraft fees should you ever go over your checking account balance.
Another helpful resource I have come across is a financial analysis, which you can get for free from companies like Primerica. My experience with this company was very positive, especially considering I paid nothing out of pocket. In most cases, they can help you form a plan to pay no more than what you are already paying now, sometimes even less, and pay off ALL of your debt within 10 years. And I mean ALL of your debt, including mortgage payments, student loans, car payments, everything. Primerica does offer services, such as life insurance policies, but they do not require you to purchase anything. They also put you in touch with companies that can in most cases save you money on your monthly car and home insurance.
Contact Laurie Durrett with Primerica today for a free financial analysis to see how you can save money and get your finances back in order: firstname.lastname@example.org