To take charge of your finances you have to know where you stand. I know that some people will want to shut the book at this point, but don’t. It’s not going to be that hard for you to do this. This is not a one day project, so don’t panic. You have a week to do this for yourself. No one is going to look at this, but you will need this as a starting point. Take the time to do this.
Start with my budget or spending plan worksheet. If you’ve already prepared your taxes, you will have this information readily available. For your income, look at your W-2 forms and divide by 12. This will give you a monthly figure. If you have 1099’s then you can do the same. Or take your pay stub and multiply by the number of pay periods in the year. Remember to add any other income – pensions, rental income, investments etc to get a clear picture.
Share this post for the Financial Literacy Month Contest. Learn more at www.JillRussoFoster.com/financial-literacy-month-2013