How to Budget Your Way to Financial Freedom
$69.99 6 Sections 6 Lessons
Course Description
Do you wonder where your money goes each month and why you can’t seem to see the end of the road when it comes to your personal debt? Do you want to stop making excuses and take total control of your finances?
The first step to changing your financial position is knowing how much money you are making, how much you are spending, what you own, how much you owe, and to whom. Once these questions have been answered, you are 50% closer to your dream of financial freedom.
This class will show you step-by-step how to calculate your net worth, create your income and expense budget, and you will learn two techniques you can use to start paying off your debt so that you can become financially debt-free.
Course Content
The Instructions Tab
The instructions tab explains how to use the spreadsheet and the results from each tab.
The instructions tab
The networth tab
The net worth tab shows the value of everything you own, minus all of your debt. In the asset column, list everything you own, including the following: your home, all vehicles, cash, checking account, savings account, contents of your home, life insurance with a cash value, etc. In the liability column, list the following: mortgage balance, car loan, student loan, credit card debt, other debt, etc. Once completed, you will know how much you are worth.
The networth tab
Input data tab
Use the input tab to create your monthly income and expense budget. Your budget should stay the same from month to month; therefore, you should anticipate how much you will spend on each item every month. You can do this by looking at bills from the past and coming up with a reasonable average. What's even better is if you set up budget billing with your creditors so that you know how much each bill will be every month. This makes your budget more predictable, which is the key to paying off your debt.
Input data tab
The summary tab
The summary sheet is a view-only sheet, and you cannot input any data on this sheet. The summary sheet summarizes your monthly budget and actual income and expenses from the input sheet. While the input sheet allows you to input all of your income and expenses one by one within each category, the summary sheet summarized each expense category into one line showing the total expenditure for that category. The summary worksheet also displays your year-to-date budget and actual income and expenses. Use the drop-down menu in the top left-hand corner of the spreadsheet to view the month you would like to examine.
The summary tab
The dashboard tab
The dashboard tab gives you a visual snapshot of your income and expenses for the month. But most importantly, it lets you know if you exceeded your overall budget. To choose the month, you would like to review on the dashboard, go to the summary tab and choose the month from the drop-down menu. The month you select will display in the dashboard tab. You can then review your income and expenses within the dashboard tab for that month. You will see if your meet, exceed, or fall short of your budget.
The dashboard tab
The crush your debt tab
This tab is for those of you whose goal is to pay off debt. If you have multiple debts to pay off, the first thing to do is create a plan to pay off each debt. The best thing to do is find a payoff method that works for you. The two most effective ways to pay off debt are laid out in this tab. Use the method that you find most appealing.
The crush your debt tab