Take control of your finances

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Real Estate

Take control of your finances 


During good times we can get a little loose with money and spending. When times get tough, its time to crack down on the spending and take control again. 

A basic rule to live by- have 6 months savings at all times for personal and or business. Plan for an emergency, if something happened (like a pandemic) could you survive 6 months without making any money

What to do right now, make a list of all of your debt. Can you pay the minimum balances? If not, call and see what options they give you. Make sure you are clear on all of the terms they offer you, for example, forbearance usually means you have to make the payments up within a short period of time. May not be worth the risk. Ask credit card companies for lower rates and or extended terms. Make all minimum payments and then pay the one with the highest interest rates. Until all are paid off, the only balance you want to carry is your mortgage because homes usually increase in value. 

Use this sheet to see where you can cut costs, make it a game to see how much you can save. No amount is too little to too great, that cup of coffee adds up. Eating lunch out over the course of a few days costs a lot. This isn't for forever, it is until you get things back under control. Little choices each day add up over time. Use this spreadsheet to help you, categorize everything as A, B, or a C. Once you make the cuts, show it to your partner or close friend and try to justify why certain things are essential. Make good choices each day. 

  personal finances

 

You know how much you make,  take out money for taxes, and 30% for savings. The rest is what you have to live upon. 

Reach out if you need help!