Climbing the Steps to Financial Success

First, analyze how you use your time and money by recording every detail for a specified time. After analyzing your patterns, generate as many possibilities for improvement as you can. Eliminate money and time robbers. Eliminate negative perspectives and habits and replace with positive outlooks and new habits. Determine better ways to handle time and money. Be creative and practice "There is always a better way."

List income.
List expenses, taxes, saving, debts.
Determine balance by subtracting expenses from income.
Analyze percentage of income used for debt, for saving, for taxes.
Determine if savings fund would cover three months of expenses (your emergency fund) if your income were reduced.

Analyze expenditures by who is paying, why they paying, and how they can be reduced. Ask what would happen if you did not buy something and if nothing would happen, cut it out. Ask if buying something fits into your goals and if not, cut it out. Ask if something could be done or bought just as well later in life and if so, cut it out for now. On the other hand, some expenses may need to be increased. Some people skimp on necessities to have luxuries.
Shine a spotlight on miscellaneous expenses and occurrences and learn to control these. Categorize these.

Management
Section I / Section II / Section III
Section IV / Section V / Section VI

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