How often are you looking at your personal finances and your budget? Each month? Every two weeks? Do you know how much money you have to spend this week? What’s in your budget for your next trip to the grocery store?
Financial stability and long-term financial success essentially require that you establish a monthly spending plan and that every week you look at it, adjust it, and ensure you’re living by it.
Whether it’s Monday night before going to bed or it’s early on a weekend morning before heading to the gym, take at least 15 minutes each week to look over your spending plan and your finances – a typical millionaire spends about 4 hours per week! You should be able to answer the following questions:
- What is the balance in my checking account?
- How much money and on what will I be spending in the coming week?
- How will I make various payments and purchases this week? In cash, by check, online?
- How much additional payment can I make to my credit card debt? Can I notify Debt Reduction Services of an addition to my payment this month?
- How should I adjust my spending plan and/or my spending habits to increase my financial stability and decrease my debts?
Planning your spending, along with the development of effective spending habits, truly is the key to getting out and staying out of debt. If you’re consistently spending less than you earn, you’re increasing your financial discipline and are likely to be looking for new ways to decrease your debt and be better financially prepared for your future.
If you have any questions, would like to discuss your financial challenges, or are just looking for advice, please call us at your convenience. As always, we are here to help and look forward to hearing from you.