What is the Best thing I can do today?

Mike about Money | Best thing to do

The question I get asked the most is, "What is the best thing I can do today to get started improving my financial situation?"

While different circumstances dictate where each family or person should start to improve their finances, the most common, best way to start is to get organized and knowledgeable about your income and expenses. This means starting with the basics and reviewing all of your finances, bills, assets, checking accounts, investments and spending patterns to get a real understanding of what is happening to your income each month.

Creating a spending plan that reflects your actual income and expenses, to the penny, for each month of the year is one of the most ground-breaking, eye-opening tasks that you can complete to get amazing insight into where your hard-earned money is going.  By doing this properly, and it is often not easy to do, it will allow you to begin to accurately allocate your income in a way that will help you pay down debt quickly, if you have debts, and most people do, and begin to build savings for investing and big purchases like a home.

Action Step:

Organize your bills and pay stubs and begin constructing a Monthly Spending Plan!

Next step, begin to repair damaged credit and get out of high interest debt.

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