2. Phase One | The Financial Breakdown
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
Student Loans: $36,000
Credit Card: $6,758.91
Personal Loan: $900
(there's a video to explain it all)
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.)
· Pay off personal loan by end of this month
· Get credit card debt under $6000 by the end of this month
· Put 10% of next paycheck into savings
· 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
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.
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.
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.
This category tracked how many times and how much money I put towards paying my debt.
This category is for anytime I got a party gift or gave donations etc.
From April 22, 2017- February 22, 2018
Money Spent on
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)