Financial Solutions... 

 

1. How to create a spending budget.

 

First, analyze your spending habits.  If you are able, you can download all your transactions from online banking and see how much you really spend using your debit card in a month or two months,or

set aside one week that you track everything you spend. Second,you will then decide how much you will spend for each category of spending:  gas, groceries, eating out, clothing, hobbies, gift giving, lottery, lunches out, coffee, pets supplies, fun money, etc.  Lastly ,you should make sure that you have enough money to pay your bills by doing a household budget as well and not overspend in this area.

 

 

2. How "Financially Fit" are you? Take some time and assess yourself or have a discussion with your significant other.

    Score: True = 1  False = 0

1. I know how much money I have in my checking account.
2. I know how much money is available for discretionary spending.
3. I know how much money I spend every month on bills.
4. I know how much money I spend on extras every week/month.
5. I know how much money I make every week/month/year.
6. I have a savings account for emergency purposes with two times my monthly budget or more.
7. I fund my emergency fund regularly.
8. I have no credit card debt.
9. I know my debt balances for my mortgage and car and other term loans.
10. I live within my means and do not overspend.
11. I have a healthy relationship to money.
12. I contribute to a retirement plan: 401K, IRA, Roth IRA etc.
13. I give money to causes greater than myself: charity organizations, church, temple, etc.
14. I make good choices with my money and rarely have buyer's remorse.
15. I use money as a tool to reach my goals and dreams.
16. I share all financial information with my significant other.
17. I have a will or trust, Power of Attorney, healthcare proxy that is up to date.
18. I have a qualified financial professionals advising me that I trust- i.e. tax professional, investment advisor, or financial coach.
19. I know my personal net worth. (Definitely cheat and see the financial solution from January.) - click here.
20. I know my credit score and credit history.
21. I have more money than month.
22. I love my bank balance. (You can love it at any level ...high or low it is about being ok with it.)

If you got a 22 - you are "Financially Fit" and please help someone who might need your wisdom.

Scores between 16-21 - Keep up the good work and make note of any area that you might need to address in 2011.

Scores between 15-10 - Take notice and plan to do the work to boost your financial fitness.

Scores 9 and below  - Clearly you are overwhelmed and under stress and possibly ignoring your finances.  I would encourage you to spend time daily addressing your financial needs - start with 5 minutes per day and increase the time as you gain confidence.  Also seek help from a professional or friend to gain support and guidance on your path to financial abundance.

No matter what you scored, you are worthy of abundance and financial fitness but you must be intentional to create that result.  I'd love to help you create financial fitness in 2011 - call or email me today. 

Deborah R Jones CPA 's

Professional Tax Services   

   - Individual Federal and State tax returns prepared.

    - Business Federal and State tax returns prepared.

    - IRS and MA DOR tax debt solutions provided.

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