By Alice Wood
Author of Wealth Watchers
Knowing where you stand with money is the key to financial happiness. Wealth Watchers is a 3-step program that can get you there. All you need to do is:
Here's how to put the 1-2-3 into play:
Evaluate how much money is coming in (or not coming in) each month and figure out how much money has to go out each month. Feel free to estimate if your numbers change from month to month.
Determine how much is left after covering all of your monthly expenses. Subtract that number from your monthly income. Divide that figure by the number of days in the month to reach your daily spending goal. Why break it down to the day? Because blowing your budget by as little as $5 a day will leave you in debt by almost $2,000 by the end of the year. And any savings multiplied by 365 is a worthwhile goal.
Track all of your spending as you're spending money. It forces a "think before you spend" moment.Read More »from A 1-2-3 Plan to Spend Smart, Plus 10 Ways to Be Financially Happy