Is ‘saving money’, ‘paying off debt’, ‘going on a great vaca’ and/or ‘buying a house’ part of your New Years Resolution? No matter what time of year it is, having a Spending Plan WILL help you meet your financial goals.
Over the next month, we’ll be posting about the Five Steps to Build a Successful Spending Plan. We hope you follow along, share this with others and even feel welcome to share your successful tips that you’ve learned along the way.
To kick off this journey, let’s start with a quick assessment to see where are you now.
Answer these questions for yourself-as truthfully as possible. If you have a spouse or someone at home that contributes to the household, you can answer these questions together, or do it separately and compare answers- It’s a great way to start a conversation.
* Do you feel like you are in control of your money?
* Do you have a spending plan/budget- in writing?
* Do you have financial goals- in writing?
* Do you have an adequate emergency fund of at least 3 to 6 months of income?
* Do you regularly track your spending using a method such as a receipt envelope, ledger, account book or computer program? (looking at your account history once in a while does not count)
* Do you regularly talk with family members about money/financial goals?
* Are you “on track” with saving money for long-term financial goals?