Master Your Money in 3 Steps
- November 7, 2019
- By: Greenpath Financial Wellness
Can a spending plan really help you master your money? You might be surprised! Trust us, it’s worth it to block some time on your calendar to take a closer look at your finances. This way, you can take some time to pause and reflect on what you want to accomplish with your money? For example, you may want to save for your daughter’s wedding, a new home or a family vacation.
Whatever it is you strive to achieve, write it down in as much detail as possible. Put your goals somewhere you will see them every day, like on your refrigerator, so that you can be reminded of what you’re working towards. If you can attach an amount or a timeframe to your goals, it makes it easier to see your progress and stay motivated to accomplish them.
Once you know what you want to achieve, the first thing to do is to take a closer look at your overall financial situation so that you can put your money to work for your goals! A spending plan can help you figure out how to meet both your short and long-term financial goals.
When developing your spending plan, you can use an excel spreadsheet, a piece of paper or GreenPath’s budgeting worksheet to help you master your money.
Below are 3 steps to guide you in creating a spending plan.
1. Start by reviewing your credit reports
Pulling your credit reports can provide a full picture of everything that you owe. You can get a copy of your free credit report once a year. We have also created a helpful guide to understanding your credit.
2. How much income do you have?
Look at all your earnings, so you can create a foundation for a spending plan and celebrate all your hard work. Have you taken some time to think about your household income? For instance, think about how much money you make each month. What is your gross pay? What is your spouse’s gross pay? Is there any other income that’s coming in?
3. Highlight your bills/expenses
Now that you know how much money is coming to you each month, it’s time to look over your bills and automated payments. Try printing off your billing statements and highlighting any expenses that aren’t bringing you joy. This includes items like your rent or mortgage payment, water and energy bills, groceries, etc. Once you’re done highlighting, think about if there is anything you can eliminate? Do you want to adjust your goals?
Together we can develop a plan
It all starts with a phone call. GreenPath’s Financial Experts are here to support you! We can work with you to create a personalized spending plan and provide you with free resources and tools. Take control of your finances and master your money today!