Money Mindset Makeover Challenge-Day 4-Income and Expenses
Yesterday we focused on net worth and today we’re going to break down income and expenses on a monthly basis.
Income
Under the first column, write down all your income for the month
It could be money from your job, side gig, interest earned, rental income…
Next, focus on expenses.
Write down what you pay out each month
It could be mortgage, insurance, car payment, utility bills, gas for the car, groceries. Don’t overlook anything.
You might also have yearly fees for things like membership sites so take that amount and divide it by 12.
Total up each column.
Is there a negative number or a plus?
I know lots of people get a wake up call when they see a negative number and have never realized they spend more than they earn.
Tomorrow we’re going to look at our wants and needs which can sometimes be connected to the number being negative month after month.
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