New To Financial Planning? 16 Experts Share Tips To Get You Started
April 27, 2021 by Expert Panel
2. Document your monthly expenses.
A financial plan can start with something as simple as documenting your monthly expenses—utilities, mortgage, insurance and so on—in a spreadsheet. Sum the expenses for each month to determine your monthly obligations, and average the expenses by line so you can estimate the average cost of each item. Then, compare your expenses with your income, and be diligent in paying down the highest-rate obligations first. – Sheryl J. Moore, Wink, Inc.