December! I cannot believe it’s December already! I don’t know about you, but for me this year has absolutely flown by! The sound of jingle bells has also crept up on us hasn’t it? Eek! Are you ready for it? Have you bought all of the Christmas presents that you need to? Have you been saving up all year to make sure you can afford everything on your family’s list? Have you not treated yourself this year so your loved ones don’t go without?
So, what about you? Are you ready for some long, overdue time off work? What have you asked for this year? Have you wished to become Financially Free? If so, stay tuned for my weekly blogs and posts in my new “Live a Bigger Life” Facebook group as I’ll be sharing money and wealth tips to help you on your way to becoming Financially Free.
With this is mind, I’ve recently been asked a question about how to find out what your Financially Free number is and how you can effectively monitor your money.
One thing that’s so important is to:
Have an understanding NOW of what’s coming in and going out!
Knowing how much you earn and how much you’re spending (and where!) is so important to understanding your finances. Remember every pound is “Seed Money”. Seed money is something that is not spent quickly but invested into property/business/stocks/shares or anything else, that will generate you an income. This way it has the opportunity to grow into a money tree that will pay you month after month!
One of the most simple, yet effective ways to track your money is by completing a budget sheet. This way you can see where you need to make any adjustments to see if you can divert any cash to use as your seed money to invest and grow. There are so many useful, simple tools out there to help you do this but below are my 2 favourites:
1. Download and print off the very simple and easy to use ‘Know your numbers’ budget sheet. Complete this and see exactly where your hard earned cash is going. This will also enable you to see what your ‘Financially Free’ number is. This is the amount of money coming in each month for you to be able to cover the bills and live a comfortable life. It’s so vital that you reach Financial Freedom before moving onto creating wealth.
2. The Money Advice Service also has an amazing, in-depth budget planner which breaks down your spending in detail and provides you with an overview of where you’re spending your money and provides tips how to save more.
By doing this exercise, you will find out what extra funds you have each month that you can put into whatever you chose to take you to Financial Freedom!
Stay tuned for next weeks blog where I’ll be explaining all about your credit score and why it’s so important to have a clear understanding of it.
I absolutely love hearing from you so please feel free to leave me a comment below this blog.
If you’re also not part of my new and exclusive Facebook group I’d also like to personally invite you to join!
Don’t miss out, join today!
I’d also love to meet you in person and explore how you can start your very own property journey! I’d like to take this time to personally invite you to an event I have created with you in mind. During this transformational event you will learn the strategies and powerful mindset shifts that have taken me to financial freedom and real wealth… and they can do the same for you too!
Imagine never worrying about the expense of Christmas ever again!
I hope to see you there!
Live the Life you love,