Build a Solid Financial Foundation
First, determine where you are today financially. This includes, for a one month period, tracking your spending; noting all your income; listing all your debts with the amount owed, interest rate and payment date; and reviewing what you own.
Next, using your updated financial picture, build a spending plan to encompass spending less than your income, reducing your debt, increasing your income and finally building your asset
Review Financial Areas
Spending
For one month, place in a folder/envelope all your purchase receipts or if no receipt is provided write the item, date and amount on a piece of paper. Also add any items that are non monthly expenses. i.e. property tax.
Income
Note all the money earned during the month. This can vary from month to month, so you might want to know you monthly average as well.
Debts
Record all you debts with their interest rate, compounding period, and payment date. Your debts could include mortgages, credit cards, lines of credit, product loans, pay later loans, money borrowed from family and friends and student loans.
Assets
Write down all the items you own. Include in the list real estate, investments, retirement savings, cars or other items you could easily sell.
Current Financial Snapshot
Summary of your current spending, income, debt and assets.
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Experienced Attorneys
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