If I Was a Finacial Advisor…

If I was a finacial advisor I would advise the following:

1. Take a look at your monthly payments.  For example, are you paying for the following: car insurace, car payments, health insurance, phone bill, phone insurance, rent, gym membership, pet insurance, netflix, etc etc… When calculating this, don’t add any of your debts to the list (no credit cards etc). I actually pay for everything on this list and added altogether it comes to a grand total of $1,165. Not bad. 

2. Work out how you will pay your bills.  If you get a check monthly this will be easy for you than it is for me.  If it is the same every month it’ll be even easier.  If it is the same all you need to do is take away the total of the money you need for bills from your check.  What do you have left? Save that amount for later steps. If the amount you make changes every month, figure out a minimum income you think you make and take your bills away from that amount. Money left? Save for later steps. Finally, if you make money daily/weekly/biweekly, like me, you’ll have to figure out how much of each increment you want to put back for bills.  For example, My biweekly check I take a 168 and put into bills. I then estimate my daily tip average/minimum to about 50 a work shift. So to make up the remainder of my bills I put 200 a week of tips back. Thats 4 working shifts a week.  

3.What to do with the extra cash? Now it’s time to look at what debts you need to pay. Grab some envelopes and write down each one.  Examples: credit card, borrowed money, debt collector stuff etc. Put on each envolope the amount you need to save to pay it off. Put your envolopes in priority order. Say to yourself that you will use half of the extra cash you make and put it into the envolopes until they are paid off. The other half of the extra cash is for what ever you want. If you are really knuckling down then you could put 100% into savings but don’t forget you need gas, food etc so make sure you are taking care of yourself too!

Obviously things arent as easy as what I wrote but if you have any questions that I can maybe help with let me know. I am not a professional but with money I am pretty on it haha. 

Peace out, yo.