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Getting Your Financial House in Order

January 2, 2011
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With the end of the year and the start of a new one, now is a good time to review your finances.  Here are several areas to review and some tips to help both organize and get on the road to a more secure financial road.

REVIEW THE FOLLOWING
1.  Assets –  what you own (home, car, bank accounts, computers, retirement savings)
2.  liabilities – what you owe (credit cards, mortgage, loans)
3.  Income – all sources (wages, dividends, interest, stocks)
4.  Expenses – both daily and monthly (housing, transportation, food, heating, phone, electricity, etc.)

GETTING STARTED
1.  Set a monthly budget for all income and expenses.
2.  Look at all expenses to see if they are necessary or could be eliminated or reduced.
3.  Try and pay off credit card debt; more than the monthly balance if possible to help reduce interest.  Don’t charge unless it’s an emergency.
4.  Think of jobs, hobbies or projects that you enjoy that might bring in extra income.
5.  Could I sell some items that I don’t use anymore?

Hopefully these basics tips will help you survive and prosper in the new year.


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