Money Tip #1

As many of you know, I just presented to our ward and neighborhood on budgeting and personal finance. My head is teeming with facts, tips, and advice.... so I thought I would share a tip each day or two days so that anyone interested can incorporate them into your financial life as well.

So, here we go.

Money Tip #1

CREATE A MONTHLY FINANCIAL MAP.

Basically, this is a sheet of paper that tracks your monthly automatic withdrawals, deposits, payments, etc. It tells you exactly

WHAT and
HOW MUCH
comes out of
WHERE and
WHEN.

Mine looks something like this

1 - mortgage (checking) $1000
2 - questar (checking) $30
7 - auto (checking) $300
9 - amex bill (checking) $500
15 - payday (savings) +$2000
19 - comcast (amex) $80
25 - verizon (checking) $80
28 - student loan (checking) $200
30 - payday (savings) +$2000

Obviously, I changed the info and numbers, but you get the idea.

So, make one today. Keep it on your desk, by your computer, in your office or wherever you pay bills. No longer wonder when something will hit what account, etc. Do it now!

I even uploaded my worksheet into a google document. Just click, print out, and fill out. You're one step closer to good money management. You know where your money is going.

"It's almost impossible to live within your means if you have no idea where your money is going." June Walbert, financial planner