Day 28 of 33 Days And 33 Ways To Save Money And Reduce Debt: Find Out How Bad (Or Good) Your Situation Really Is

Click here to read all of the 33 Days And 33 Ways To Save Money And Reduce Debt posts.

Day 28: Find Out How Bad (Or Good) Your Situation Really Is

Do you know how much you owe on your house?  Do you know how much money you have in your checking account?  How much would you need to payoff your automobile loan?  Have you checked your credit report lately?  As you begin to get out of debt and save money – you really need to know “where you are today”.

Create a list of your credit accounts – something like this:

Credit Card 1 – $4000

Credit Card 2 – $5214

Mortgage – $124,400

Hospital – $1300

Automobile – $16,000

If you don’t know how much you owe, then you really can’t begin to create a plan to get out of debt.  So, go online (or call) and find out exactly how much you owe on each of your credit cards.  Call your bank and find out the “payoff” amount for your automobiles.  Call your mortgage company and find out the “payoff” or “remaining balance” on your mortgage.  You need to know how tall the mountain is before you decide how to climb it.

Create a list of your savings / investment accounts – something like this:

Online Savings – $400

401K – $11,000

Pension Plan – $12,000 or X years of contributions

Social Security – Regular report from the Social Security Administration

Most retirement plans now offer online account management.  Log-in to your account and find your balance.  While your logged in, you might want to take a good look at the types of funds you are investing in.  If you are a beginner, you might find that all of your retirement funds are going to one fund, one fund type, or they might be just sitting in a money market account, waiting for you to tell them what to do.  If you have a pension plan or social security, keep up with the regular updates you should be receiving in the mail or from your employer (pension plan).  While the numbers besides these accounts might be “estimate” – it’s still good to know “where you stand”.

If you haven’t checked your credit report lately, click here to read my article about how to get 3 (or 6) annual credit reports – for free!

You should also consider a list of insurance policies and any other accounts that could effect your long-term financial situation.

Have you recently “run the numbers” and added up how much you actually owe?  Are you doing better (or worse) than you originally thought?  Leave a comment and let us know.


Click here to read all of the 33 Days And 33 Ways To Save Money And Reduce Debt posts.

Observant readers will note that this series has taken much longer than 33 days. I can assure you, I am blogging as often as life permits.

Tweet about this on Twitter0Share on Facebook0Share on StumbleUpon0Pin on Pinterest0

Add to Flipboard Magazine.

Recent Articles

10 thoughts on “Day 28 of 33 Days And 33 Ways To Save Money And Reduce Debt: Find Out How Bad (Or Good) Your Situation Really Is
  1. Elaine

    Why do you have credit cards in your wallet? You said you lost your wallet and you had credit cards in it? I thought you didn’t believe in credit cards? I was shocked to read you had credit cards…

     
  2. NCN

    Elains – I emailed your directly. But, I thought others might like to know the answer to your questions..
    I have a wife and 2 kids, with another child on the way – and my goal is to NEVER use credit cards – but I don’t want to put my family in harms way – so I keep the credit cards on hand in case of a MAJOR catastrophe – think 9/11 or Katrina. I hope that in the future, I’ll have a big time emergency fund built up and I’ll never even have to consider using a credit card – but until I get to the point where I’m “self insured” against a major catastrophe, I’ll keep my credit accounts open.
    NCN

     
  3. Pingback: » Weekly Roundup, Pumpkin Picking Edition on Consumerism Commentary: A Personal Finance Blog

  4. Pingback: Roundup for week of 15 October 2007: Cheesy Chuck edition at Mighty Bargain Hunter

  5. Pingback: Personal Finance Review - Best Investment I Ever Made Edition » Money Smart Life

  6. Pingback: credit report com » Day 28 of 33 Days And 33 Ways To Save Money And Reduce Debt: Find …

  7. Pingback: Carnival of Debt Reduction #111 ~ What’s Scarier Than Debt? | I've Paid For This Twice Already...

  8. Pingback: 33 Days And 33 Ways To Save Money And Reduce Debt

  9. Jonathan

    Yeah, very scary at the beginning, but having the bigger picture and taking the initial plunge can really help you sort things out. Even if you are in a real hole there is always a way to get out. I think it’s far better to confront the debt demon rather than continue getting more and more into debt, as is usually the case.

     
View My Stats