Money Management

Dedicate 7 Hours For Healthier Finances – Hour 1

The goal: Dedicate 1 hour a day, for 7 days, and improve the health of our finances.

Hour 1: (00:00 – 15:00)

Calculate how much money we actually have –

Non-Retirement Balance
Checking Account(s)
Savings Account(s)
CD(s)
Cash
Etc.
Total


Retirement
401(k) / 403(b)
Roth IRA
IRA(s)
Pension(s)
Etc.
Totals

Hour 1: (15:00 – 30:00)

Calculate how much money we actually owe –

Non-Mortgage Balance
Credit Card 1
Credit Card 2
Car Payment
Personal Loan
IRS Loan
Total


Mortgage
Home Loan

Hour 1 (30:00 – 50:00)

Calculate how much money we actually plan to spend, this month –

Category Amount
Food
Clothing
Utilities
Cell Phone
Television
Entertainment
Mortgage / Rent
Insurance
Car Payment
Tuition
Credit Card Payment
Etc.

Hour 1 (50:00 – 60:00)

Brainstorm –

Is there anything that I can do, today, to increase the amount of money that I have?

Can I sell something on eBay?  Can I begin to plan a yard sale?  Can I apply for a second or new job?  Can I ask for overtime?

Is there anything that I can do, today, to decrease the amount of debt that I have?

Can I make an extra payment?  Can I call and ask for a reduction in interest rates?  Can I consolidate higher rate credit cards?  Can I go through that stack of bills and make sure that I’m making my payments on time?

Is there anything that I can do, today, to decrease the amount of money I plan to spend this week?

Can I cancel or make changes to my television programming package?  Can I turn off lights and insulate windows?  Can I eat at home and brown-bag-it for lunch?  Can I carpool?

Over the course of this week, I’ll write six more articles about improving the health of our finances.  Each article should take just a few minutes to read, and the steps outlined should take about an hour to do.  Depending on the health of your finances, you might be able to breeze through the steps in just minutes – or it might take you much longer, if things are in need of repair.  My goal, however, is to keep the steps to a minimum, and to make them as easy-to-follow as is possible.

Consider Hour 1.  If you will take the time to do all of the steps outlined above, you’ll have a balanced checkbook, updated insight about your credit situation, and the beginnings of a full-fledged budget.  And, you will have accomplished all of these things, in about an hour!

If you haven’t done so, be sure to subscribe to No Credit Needed, via email or RSS, and make sure you catch hours 2 – 7.

Click to view Hour 1

Click to view Hour 2

Click to view Hour 3

Click to view Hour 4

Click to view Hour 5

Click to view Hour 6

Click to view Hour 7

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2 thoughts on “Dedicate 7 Hours For Healthier Finances – Hour 1

  1. Interesting post! Folks can enjoy better financial health if they’ll stop and look at their big picture. I’ll stay in touch with your series.

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