The quickest way to double your money
This is no get rich quick bootcamp! These are a series of small simple steps to get you where you are supposed to be,
Today let’s ANALYSE your spending using the files you worked on over the weekend! But don’t worry if you didn’t get to them, you can also start today!
– Decide how you will KEEP TRACK of your spending. Will it be a spreadsheet, an app, in paper form? If you have a computer handy, an excel spreadsheet is easy to use and is what I use to track my company accounts for example.
– Usually you would take the last few months of your bank statements and CC statements and analyse your spending in a spreadsheet. But if, due to COVID, they are not representative of your normal life, then use two months prior to March 2020.
– Alternatively if you are only starting today, just track the next month of your spending and do the above when you have more time. Do this anyway. Lockdown is unusual so keep in mind what you would usually be spending your money on, were we not in constant lockdown.
– Highlight your major areas of spending which will form part of the budget you create later in this programme. How much is your mortgage or rent? How much is your car or transport? How much is broadband, food, drink, clothes?
– Highlight anything that sticks out – we are not taking action at this point, just highlighting. I am not going to ask you to quit things that are helping you get through this pandemic but let’s look at them.
– Do you always pay your CC off on time? Do you pay your bills on time? If you smoke, how much does that cost? How about internet shopping for essentiala and non essentials? And take aways and coffees? Are you paying for subscriptions to magazines, tv channels or gyms?
At this point just track your spending and see where your income is going. We will work on the BUDGET later.
DO NOT be hard on yourself if your finances are not where you want them to be. This is a pandemic. Go gently but know that you can change the position you are in with small, simple steps.
