Congratulations, you are on the money detox train going full speed ahead! You now know more about your cash flow, and have hopefully taken steps toward saving more money and spending less on “stupid stuff” as my husband loves to call it. It’s so important to know where your money is going to you can get back in control of it.
One family was spending over $3,000 a month on food. They were spending a mortgage on food, and it was no wonder they had to declare bankruptcy a few years ago and are back in debt. Another couple was spending $1,000 on wine each month. Now I love my wine, and cannot wait until I can drink some good vino after having my baby, but if your wine budget is 10% of your income, something is wrong. But neither families would even know they were overspending so much if I didn’t have them go through their expenses.
So Month 1 is taking care of your cash flow, and now you will go through it every month when you sit down to review your money. This week we will go through your 4 steps in Month 2 that focuses on your finances and investments. And without further ado:
Month 2: Finances and Investments
And next week we will finish the last 2 steps to tackling your money and telling it whose boss!
Jessica Weaver, CFP®, CDFA™, CFS®
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