If you have been following me for awhile, you know I am part of the See Jane Write group headed by Javacia Harris Bowser. Every November, members participate in #Bloglikecrazy, where we post a blog post every day for 30 days. For this 30 day’s, I want us to focus on getting our finances setup for 2018.
In this first series, we will take control of our assets in seven days. The only way to achieve financial security, freedom, and peace of mind is to live beneath your means. I’m not saying become a pauper or anything like that, but what I am saying is give yourself some extra money to pay off debts and begin saving.
I know that some people think it is hard or near impossible to save in this day and time. I’m here to tell you that even in this day and age it is not only possible but essential to be financially responsible. Rest assured it’s not as hard as you think. In this seven day plan, I will show you how to take control of your money in just 20 minutes a day.
Day 1: Organize Your Financial Records
If you want to dig yourself out of a financial hole, you must figure out first, how you got there. That means calculating how much money you earn and where it goes. As a first step, gather the following records.
- Recent months pay stub.
- Last tax return
- Most recent 3 months bank statements.
- Checkbook (if you use one)
- Current credit card bills
The paystubs will tell you how much you bring home from work. The tax return will tell you how much you receive from investments (if you have any) and any other sources of income. The bank statements and checkbook will tell you where you are spending the bulk of your money. Lastly, the credit card bills will tell you how much additional money you spend that is not being covered in your bank statements.
Ok, that’s all for today, come back tomorrow so we can get down to business and get those finances under control.