Finance: Organizing Your Finances: - Show Me MY Money: What You're Worth or * net * Worth

Organizing Your Finances: - Show Me MY Money: What You're Worth or * net * Worth

Written by Janet L. Hall

Organizing Your Finances: - Show Me MY Money: What You're Worth or * net * Worth by: Janet L. Hall

Benjamin Franklin once said, * Time is money *. I think he wanted one to add up how much time they spent on a particular task or job and how much money they might have been wasting. I do an exercise with my clients to help them discover what their per minute worth is to enable them to see how much money they might be losing because they are disorganized. Such as, if you are doing a non-income producing activity for 15 minutes, you can see how your money is being spent! It's a very simple calculation. Your Per Minute Worth Calculation Yearly income divided by 52 weeks = weekly income Weekly Income divided by 40 hours (or total hours you work per week) = hourly income Hourly income divided by 60 = Your Per Minute Worth Before you begin to OverHall and Balance your financial area, you need to find out your net worth, and your spending habits. This will help assist you later with your budget, payoffs, or long-term savings. It will also help in guiding you with such things as your protection, investment, income tax, retirement, and estate planning. Your total net worth is your total assets (what you own or already have saved) minus your total liabilities (what you owe out). I'm not going to tell you this is as easy as figuring out your per minute worth because it's not! It will take time and a commitment from you to determine your net worth. TIP: I have found repparttar best time to do this exercise is when you are paying your bills. At that time you usually have repparttar 112781 information needed to help you calculate your net worth. So, if it usually takes you an hour to pay your bills, tack on at least an extra hour this month for this exercise. For your convenience, print out and use repparttar 112782 net worth form below. You will be writing in your totals for each line. For instance, if you have two savings accounts, total your balances first and then write in repparttar 112783 total next to Savings Account. ASSETS Cash Reserve Totals- Certificates of Deposit: Checking Account: Credit Union Account: Money Market Account: Savings Account: Investment Totals- 401(k): Bonds: Mutual Funds: Stocks: Personal Totals- Art: Boat: Car(s): Furnishings: Jewelry: Other: Real Estate Totals- Home: Second Home/Vacation Home: Other Real Estate: TOTAL ASSETS: $ LIABILITIES Short-term Debt Totals- Credit Card Balances: Current Bills Owed: Loans w erms of six years or less: Taxes: Long-term Debt Totals- Loans w erms of seven years or more: Mortgage(s): TOTAL LIBILITIES: $ Congratulations! You did it! * Drum roll * Please! TOTAL ASSETS: $ - (minus) TOTAL LIABILITIES: $ YOUR TOTAL NET WORTH = $ Now see if your net worth falls under A., B., or C. below, and see how you can begin to bring some balance back to this area of your life. A. If your total net worth is half or less of your annual income or you have

I Wasn't Paying Attention: Where Does My Money Go and How Can I Get Some Back? - Part 3

Written by Janet L. Hall

I Wasn't Paying Attention: Where Does My Money Go and How Can I Get Some Back? - Part 3 by: Janet L. Hall

Here are my Top 7 Tips Lists for * OverHalling * Seven Financial Areas of Your Life:

Top 7 Tips for * OverHalling * Your Food Purchases 1. Use a master grocery list 2. Make your morning drink at home 3. Stop snacking from vending machines 4. Carry your own snacks, celery sticks, carrots, broccoli spears, fresh fruit, pop corn 5. Pack your lunch 6. STOP eating out 7. Only use coupons for repparttar products you normally buy

Richard Carlson, Ph.D. gave this wonderful example on how much you can save by taking your lunch to work with you in Don’t Worry, Make Money, “For example, if you stayed on repparttar 112780 job for thirty years and substituted a $2 lunch for a $7.50 lunch at a local restaurant, repparttar 112781 $5.50-per-day savings deposited in an investment club earning 8 percent over thirty years would amount to around $100,000.”

That’s being conservative!

Top 7 Tips for * OverHalling * Your Transportation Costs 1. Find repparttar 112782 lowest priced gas station for your gasoline needs 2. Plan and map out your errands 3. Walk 4. Ride a bike 5. Public transportation 6. Car pool 7. Errand exchange with a neighbor, worker, friend, or relative

You can find repparttar 112783 lowest gas prices in your neighbor, if someone has reported in, at http://www.gasprices.com

Top 7 Tips for * OverHalling * Your Reading Costs 1. Go to repparttar 112784 library 2. Find and use a used bookstore 3. Find it on repparttar 112785 Internet 4. Borrow from friend or relative 5. Co-op on subscriptions and book clubs 6. Listen to audio tapes that you get FREE at repparttar 112786 library 7. Read book reviews first!

Top 7 Tips for * OverHalling * Your Auto Expenses 1. Learn to and do your own oil and filter change 2. Keep you car maintained 3. Drop collision and comprehension if your car is paid off 4. Sell your car if repparttar 112787 payments are too much and purchase a good, reliable used car 5. Pay off your car loan with a home equity loan and now that once car payment is tax deductible! 6. Change your deductible on auto insurance to as high as you can afford; your insurance premiums will be less 7. Maintain tire pressure and drive repparttar 112788 speed limit

Top 7 Tips for * OverHalling * Your Banking Expenses 1. Find out what fees/rates your bank is charging you 2. Find and get repparttar 112789 lowest fees/rates 3. Check out online banking 4. Switch to a credit union 5. Reconcile your checkbook every month (toss out repparttar 112790 bank statement afterwards…you DO NOT need to keep it) 6. Don’t bounce checks 7. Buy checks through a check company NOT your bank

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