Where is my money going?
As I thought about this topic I realized as a millennial that sometimes you can find yourself spending more than you earn or even spending money you have not earned yet. When you look at your bank account it seems pretty simple right…I make $1000.00 every two weeks I have my bills, savings and entertainment. But where is the money going and why am I left flat broke until my next check.
So to help everyone out I put together a simple way to see “Where your money is going?”
Step 1: Gather all of your bills and add them together also the due date for those expenses.
(Example: $400 due on April 1st and $100 due April 15th)
Step 2: Gather all of your sources of income and add them together.
(Example $1,000.00 Monthly Income)
Step 3: Now get your phone/calculator and take the (Total of Step 2 – Total of Step 1)
Example: $ 1,000.00 – $500.00= $500 or
Step 4: Now you got your free cash or the amount of money you are in debt.
If your amount from step 3 is negative you got a problem either increase your income or lower your expenses.
I hope this helps.