2. Phase One | The Financial Breakdown

Prepare Yourself

In the past few weeks I have printed out my financial statements from last year up to now. I have gone through each one of them to determine where all my money has gone, and to see what patterns have caused me to get where I am today.

This is my current financial breakdown, how I went through each statement, and what categories I broke them down into.

My Current Financial Status

Checking Account: $244.72

Savings Account: $168.97

Debt: $43,658.91

                Student Loans: $36,000

                Credit Card: $6,758.91

                Personal Loan: $900

(there's a video to explain it all)

Money Flow

Current Job Status: Employed (thank God!!!!)

Wage: Hourly $15

Average paycheck: $800-$900 biweekly

Monthly expenses: $700 (this is the bare bones minimum. As in, if there were zero surprise expenses or cost for the entire month other then these, this is what I would spend. This does not include basic car maintenance, buying items I may need through out the month, etc. In reality the number is higher, but this is the number I know to always expect.) 

Goals

Debt Goal

·         Pay off personal loan by end of this month

·         Get credit card debt under $6000 by the end of this month

Savings Goal

·         Put 10% of next paycheck into savings

Checking/Spending Goal

·         First pay tithes & bills

·         Live off 20% of paycheck for two weeks, until the next pay check (can she do! Yes she- I really hope so)

 

Spending History Summary

Category Breakdown

Needs

These were the things I could not avoid spending money on. Responsibilities such as rent, car insurance, groceries, car repairs, etc. The basic responsibilities the majority of people have, and the reason most of us go to work.

Wants

Under this category I put every expense I did not have to spend money on, but did. For example every time I went out lunch because I didn’t bring my own, or bought coffee instead of making some at home. Every time I went shopping and bought clothes I just wanted but didn’t need. Shoes, housewares items, just plain ole small, but frivolous spending.

Save

I tracked how many times I made an effort to intentional invest in my future and save money for the long haul. Not save money for a vacation, or an item I wanted. Saved money that I would not touch and would put aside in a time of need.

Debt

This category tracked how many times and how much money I put towards paying my debt.

Gift

This category is for anytime I got a party gift or gave donations etc.

From April 22, 2017- February 22, 2018

Money Spent on

Needs: $5,038.79

Wants: $2,696.64 (bruh, if you knew how much of this was food and coffee -_-)

Debt payments: $1,772

Gifts & Donations: $1,500

Yup, on paper this looks terrible to me too. Let’s turn this boat around before it gets ship wrecked.

 

 

 (Please someone teach me how to make a thumbnail, this is painful)