Financial Plan of Action
You can do it!
Gather the following items
Investment Statements (401k, Savings...ect)
Glass or plastic jar to save change
Keep this simple and
to the point!
Identify relatively easy ways to save money.
Associate with friends who have the same savings goals!
See the following link for more ways to save:
Additional ways to save:
Put important dates on your calendar to help you plan ahead.
Log the following items on your calendar:
Your credit scoreis likely the most important three-digit number in your life.
Log dates to pay your credit card bill 8 days after your pay check dates. Pay at least the minimum balance right after the pay day.
This is 35% of your credit score!
If you need to call the credit card company and renegotiate a minimum payment or the due date to be set at least 10 days after your pay day to insure all bills are paid on time.
Avoid payment processing fees.
Follow-up the your creditors to find the most effective way to make payments with out additional charges.
Always plan in advance!
Keeps a box of snacks in your car, along with bottles of water.
Avoid vending machines and spending in unnecessary places.
Printable Grocery List
Stock an Emergency Food Pantry
After you have indentified ways to save money, compile a list of foods that you like!
Ex: Pizza, pasta, tacos, salad, chicken....
Next identify the ingredients these items have in common.
Ex: Tomatoes, onion, cheese, lettuce, chicken.
Identify items they don't have in common.
Ex: Pizza crust, Taco shell, pasta.
Don't by frozen food, make your own frozen food.
Ex: Freeze items before the spoil...tomato, cheese, fruit, ect.
Make a list of snacks and food items with long expiration dates:
Ex: Cereal, oatmeal, flour, nuts, granola, rice, beans ect.
Make sure that there is plenty of food in the home and car by stocking up on items. Make simple enjoyable meals from frozen items.
For great things to eat see the following links:
Save all change!
Put away $1 a day.
Take The Quiz on Spending
Identify what you are doing well in addition to areas where you can improve your financial position.
click the following link:
Across from your results, review your answers.
Is your budget in balance?
Inexpensive Gas Locations
Statute of Limitations on Debt
Legal Terms & Statutes
Putting it all together!
Write it Out
Do you actually know how much debt you have? Many people don't. Start by making a list of
everything you owe, whether it's a mortgage, a credit card, student loans or even money you
borrowed from your parents. Write down:
- The lender name
- The amount you owe
- The term of the loan
- The interest rate and fees
Then total them up. The numbers will probably make you worry, but you've already
made a positive step.
Pay Yourself First
You're probably inclined to pay everyone else first – whether it’s your landlord or your grocer or the electric company. But it’s vital to start paying yourself first by saving money. Once you’ve made a contribution to your financial longevity and well-being, then you can divide up your money to cover everything else. Don’t worry. You'll more than likely have plenty left over to cover everything you need.
Power of 50
But if you can pay an additional $50 per month on that debt, for a total payment of $110 a month,
you will pay down more of the $3,000 you originally owed.
And that means less money for the creditor to charge interest on.
Imagine what you could do with $100 more per month.
Reducing debt is like losing weight. You're not going to lose 50 pounds in a month.
You need realistic goals in reasonable timeframes.
Same with debt. Most people take four to five years to become debt free.
So aim for three years. It's not too long or too short.
Create 3 excel work sheets:
|Bi Weekly Budget|
|Cell Phone ||0||0||0||0||0||0||0|
|Credit card 1||55||0||0||0||0||0||0|
|Credit card 2||72||0||0||0||0||0||0|
|Credit 3 ||40||0||0||0||0||0||0|
Save money and improve your credit!