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How to Evaluate Financial Health
The following is a simple outline of suggestions to work with.
If you need assistance, contact one of our Certified Consumer Credit
Counselors for a budget consultation.
- 1).
Your willingness to make changes in daily habits may be necessary
to help or change your financial condition.
a). Some changes involve your actual
purchases and buying habits.
b). Some
changes involve life attitudes.
2). Assess your present situation.
a). To
help find reality as to where your money goes.
b). To help
determine the source of any problems.
3). Determine "have to's," "need to's," and "want
to's."
4). Determine total "take home" income.
a). How much money is coming in from all sources?
b). When is the money coming in during the month?
5). Determine present expenses by tracking every penny for a
period of time to find the reality of your spending habits.
a). Priorities, basic needs,
periodic expenses (i.e. car maintenance, gifts vacations), and debts.
6). Subtract expenses from income to see if you are financially
"right-side up" or "upside-down."
b). Decide if
you need to cut down or cut out optional expenses. 7). Record keeping is a key element to making your budget work.
a). Keep simple, but accurate and complete records.
b). A
record will help you predict future needs or problems.
8). Set aside funds for the periodic, irregular or unexpected expenses.
9). Start a Savings Account - This is the single most important element in developing
financial self-sufficiency.
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