Personal Finance

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Step 1- Download the free "Monthly Bills List" word document to create your list of bills you need to pay for the month.  The money used to pay these bills is called your "disposable income".

Step 2- Download the free "Monthly Schedule of Bill Payments" excel spreadsheet to schedule when you will pay each of your bills from your Monthly Bills list.  The money leftover after you have paid your bills from each paycheck is called your 'discretionary income".

Helpful Hint #1- For large monthly bills such as rent, mortgage, or car payments, divide those payments up by the number of paychecks you normally receive in a month.  So, if you get paid every week, divide those large bills by four, or, if you get paid every two weeks, divide those payments by two.  For example, I get paid every two weeks, so each time I get paid, I write a personal check for half of the amount of rent that is due for the month.  This way, I know that the money I have budgeted for the rent out of each paycheck will in fact go to the rent, and not get spent on something else.

Helpful Hint #2- Set up the next month's "monthly bills list" and "monthly schedule of bill payments" on your last payday before the start of the next month.  This way, if there are bills in the next month with payment dates due before your first paycheck of the next month, you can pay that bill from the current paycheck you are working from (the last paycheck of the previous month before that bill is due).

Helpful Hint #3- Always pay your bills that you have scheduled to pay from each paycheck before you spend money on anything else.  This way, you know your bills are going to be paid on time each month.

Helpful Hint #4- Unless you are always paid twice a month, there will be some months during the year where you will get an extra paycheck.  So, if you are paid every other week, you normally receive two paychecks per month, but there will be a couple of months during the year where you will receive three paychecks during a month.  Or, if you get paid every week, you normally receive four paychecks per month, but there will be a couple of months during the year where you will receive five paycheck during a month.  These extra paychecks can be used to help you get caught up on paying your bills on time if you are currently behind on any of your bills.  Work toward paying your bills at least one week before their due date.  Make sure to add in extra time before the due date for mail time if you are sending your payment in the mail, or at least a few business days ahead if you are paying online to allow time for the payment to be posted to your account. 

Look at your "Income and Expenses Tracker"  excel spreadsheet.  Do you have a household profit at the end of the month?  A household profit means- do you have any money left over at the end of the month after paying all of your bills and spending money on your needs and wants?  If you are like 67% of Americans, the answer is no.  That's okay.   This section is going to help you create a household profit.  The purpose of working towards a household profit is to create security, wealth and economic sovereignty.

There are many ways to lower your expenses, without necessarily feeling deprived. Please view the free "Lowering Expenses" word document from  the 'Downloads Section' above for detailed information on how to spend less.