All righty. We are finally able to add a few things up. First you sorted your income sources. Then you sorted your expenses together. Then you added that line you’ve been missing…emergency fund. Today we’re going to see where that leaves you.
Why did we take four whole days to do financial organizing?
Because it’s important. And because if this isn’t your expertise, you needed the time to remember everything that should go into your spreadsheet. Honestly, I tried to shorten this money series-within-a-series, but I figure it was worth breaking down into bite-sized chunks. So let’s take a look at what you have now, and what you may still want to add.
- Did you remember some money that you earn from babysitting, selling on eBay, or some other hidden source? Did you decide that you are going to add an income source this year?
- Did you remember expenses that happen rarely? Did you double check your credit cards to see how much your fun sprees actually cost? Did you decide you wanted to add a line for something new, like a hobby or travel?
- Did you re-commit to yourself that you were going to save a few bucks a month…and did you actually set up that emergency fund this time?
Getting the whole money picture in one place is important before you can make changes. Saying, “I want to save more money” is a lot easier if your spreadsheet tells you where you are “leaking” money each month. Paying down debt (starting with the smallest debt) is also easier if you can see all of your credit payments lined up in front of you in one place.
This is still just math. There is no good or bad. Still just 30 minutes out of your day. Hopefully it’s the most profitable 30 minutes all year.
Today, add up your income sources, add up your expenses, and decide what this means for your 2014 finances.
Come back tomorrow for one more step in this process. Don’t worry, we’ll be back to easy stuff, like organizing the sock drawer, in just two days.
This post is part of my 31 days of 30-minute Organizing Projects. Be sure to subscribe to blog for daily emails with projects you can complete in just a few minutes to start your New Year off right.