Hello and welcome to the 30 To Your Financial Freedom Challenge! I know how difficult it can be to stay ahead financially, but I want you to consider what you have have waiting for you if you don’t take control of your financial situation today.
✘ MORE DEBT.
✘ NO VACATIONS.
✘ MORE WORK HOURS.
Worse yet, I want you to consider what you would be giving up. You may put off starting your blog or even the business of your dreams. But I think you can do it so with that in mind let’s get started with your first lesson!
Your Guide To Financial Freedom
The only way to improve your finances, or really anything in life, is to know where you stand now. Finding out how much you owe, what’s coming in, and examining your current situation is the best way to deal with financial crunches. Even if you are already in the crunch, you still need to go through this process.
However, let’s be realistic. It is usually best to examine your finances periodically and have a plan “b” in place for when things go haywire. After all, it’s not “if”; it’s when. No matter what kind of job or business you have, sometimes there will be lean times when the cash isn’t flowing as you wish it would. But if you have plans in place, you can weather even the worst financial crisis and get back on your feet.
Try out my 3-step Method for organizing my finances
Step #1 Collect All Your Billing Statements
Organize your bills into categories that include mandatory living expenses, flexible expenses that allow creative budgeting like groceries, and wants. Wants are things that may be desirable, such as getting your teeth cleaned every four months but can be put off to yearly and still maintain health and things like buying the leanest meat cuts instead of the cheaper ones.
Step #2 Collect Your Last Three Bank Statements
The reason you need three months of statements is that it will give you a better average of your expenses. You should be able to easily add up how much you’re spending in various categories, from eating out to personal healthcare and entertainment.
Step #3 Collect Your Income Information
When you count the money you earn, don’t bother counting before-tax income. Only include your after-tax income. After all, this is what you really have available to spend. Taxes must be paid just like your rent or mortgage and are the last things you want to put off in a financial crisis. If you must put those things off, it’s only going to be after you’ve done everything else that you can first.
Start Tracking
Make a list of your income and your expenses, including business needs based in reality. If you’re a wage earner, list your income after tax and deductions. If you are a business owner, try to deduct your taxes before depositing the income in your personal bank account. Also, include your utilities in your cost of shelter, and insurance in your medical expenses. (If you need help knowing what to track for your business check out Mater Your Revenue.)
Get it all together so that you know where you stand. Your bank statements will help you find places you’re losing money due to mindless purchases. For example, if you grab a candy bar or a cup of coffee every time you fill up your gas tank, that is money that is leaking out that you can plug. It might not seem like much right now, but during a financial crunch, it can make all the difference in the world.
If you have MS Excel, you can download an awesome personal monthly budget spreadsheet that works excellent for this purpose right from your software. However, in general, you just need to understand where you are right now in terms of income and expenses.
What’s Next?
I hoped you enjoyed your first lesson! Each day, I’ll offer more in-depth information on how to budget, where you can save money, how to start your side hustle, and so much more! I am dishing out all my best financial tips so be sure to stick around and ask all the questions you may have. Also, as a ♥ Special Bonus ♥ I have created a free ebook PLUS a bonus workbook to go along with this challenge. These will be very helpful in getting you started with your financial goals. Available exclusively in the VIP subscriber vault. So be sure to subscribe for those bonuses.
This challenge goes through 30 different lessons on how to get out of a financial crunch. As you learn about each, you can decide which might be a good fit for your financial goals. You may look at your finances now and think that your situation is dire but you have so many options at your disposal and even if you only make a few small changes you will find that it makes a lot of financial difference.
What made the greatest difference for me was breaking this money mindset that I was held back because I didn’t have enough money. I pushed back and created a financial plan that helped me to eventually start my own business. I want that for you too that which is why I created the Busting Your Money Blocks workbook. This workbook really set me on the right path for my financial freedom so don’t be discouraged if your financial situation is not what you need right now.
I hope you enjoy each day’s informative post. Come back regularly to discover a new post related to financial freedom. Feel free to reach out to me with questions. I welcome you to leave comments and to engage others in discussion.
Remember to subscribe for exclusive access to the exclusive bonuses. If you like this challenge and want to create one of your own check out How To Create And Launch Your Challenge.
Thank you for joining me! To go to your first lesson simply click the “Next Post” button below.
