Net Net TOUGH-Clean Your Financial Kitchen
Course #1 of 9 – Knowing and Lowering Your Expenses
- Do you know what your expenses are?
- Does your spouse know what your household expenses are?
- Do you know how long your savings will last, if you had no income?
Do your expenses stress you out? If so, then this course will bring you peace of mind.
Part of quantifying the unknown includes our income, business revenue may be down, or your income may have stopped. The stress comes from the thought of the expenses continuing. The bright side is, you can control many of these expenses. Some are fixed but for the ones you can control, let’s get clear on them!
You can’t control many things in our life right now but what you can control is your own financial kitchen. Cleaning the financial kitchen refers to you going through all the key parts of your own financial life, that includes – your bare ass minimum expenses or your BAM. Writing each item down, reviewing them!! Knowing what your expenses are will SIGNIFICANTLY make you feel better.
Figure Out Right NOW What Your BAM is?
Once you have the numbers you can go to work on reducing or assessing what is a NEED and what is a WANT. If you print out your transactions from your bank account and then go line by line through them. When you are in your bank account online, look upper right, you should see a “download transactions”. Click that and download a CSV file (that is an excel spreadsheet). You will get a sense where your money is going. If needed, contact us and we will show you how to “sort” your transactions to put all the same transactions together, this makes it very fast for figuring out what you actually spend on clothes, groceries and Tim Horton’s.