Get Your Finances Straight

FINANCES

Finances are very important and can affect a person in every aspect of their life. Most people do not think long term about the early decisions they make in their lives. For instance, I have undergraduate loans that exceed $20,000, 2 credit cards that are almost $1,300, and a private loan that is almost $30,000. Can I say ‘yikes?’ This would be very scary if I didn’t have a solid plan. Along with those big debts I have small debts that I need to pay off. Many debt counselors may go against what I am about to say, but this is my plan for a better life for me. I made a spreadsheet of all my debts and expenses. I, also, reviewed my previous bank statements and store receipt to get a total of what I spent impulsively. In the months of May and June, I spent nearly $300 dollars unnecessarily. I am a scrapbook-aholic, and I love books. So I had to alter those expenses. I plan to stop going to the bookstore and go to the library; stay out of Hobby Lobby (this is so hard cause this store has EVERYTHING I love); and limit my boredom trips. Here are the templates I used.

Fixed Monthly Debt
Who/Type	Account Number Login Information	Starting Balance Current Balance	Interest Rate	Minimum Payment	Approximate Payment Due Date

This template includes important items like car note, car insurance, rent, and just those expenses that are 1) necessary and 2) unavoidable. You can make a second one for those that fluctuate like electricity, cable, water, gas, and whatever you owe.

Contact Information

Who	Address	Website	Phone/Fax Number

This template lists all the creditors (those people I owe) and who/how to contact them.

	BOTH	WIFE	HUSBAND
HOME EXPENSES
Rent
Cable/internet/phone
Electricity
CAR EXPENSES
Car Note
Car Insurance
Gas
Maintenance
DEBTS
Credit Card 1
Credit Card 2
Credit Card 3
EDUCATION
Loan 1 Balance/Minimum
Loan 2 Balance/Minimum
Loan 3 Balance/Minimum
GENERAL
Life Insurance
Health Insurance
Cell Phone
Personal Hygiene
Cleaning Supplies
Clothing
Other
TOTAL SPENDING
Home
Car
Debt
Education
General
ALL

 Finally this template works best for couples. Before you get married (or after) this is important so there would be no surprises about debts.

These are just ways that I keep up with my information. Also, a credit reporting company is handy to pay for each month. Get a copy from all 3 and pay close attention to what is on there. Make sure everything is true. Don’t be ashamed of your credit. Just get it straight. These are some good reporting companies that gives you all three.

www.identityguard.com 14.99 monthly

www.identitymonitor.citi.com 12.95 monthly

Steps at making me a better me is in order.