Retirement series Article #2 Let's evaluate where our money went last month

Where will I find the money to retire?

You will find the money through a combination of budgeting your current income to stretch it's possibilities to the furthest possible extent; and if necessary you will explore avenues to increase your income.

Where did your money go last month?

Knowledge is power. Finding where your money went and how much is the first step needed to identifying where your retirement nest egg will ultimately come from, and aiding you in creating a realistic and accurate future budget.

Using your checkbook register, or your on-line bank account, please fill in the following data:

HOUSING
Rent/mortgage
Home owners insurance
Home owners association
Maintenance
Total

UTILITIES
Electricity
water/sewer/garbage
Phone
Internet
Cable
Total


FOOD
Groceries
Restaurant meals
Coffee
Alcohol
Tobacco
Total:


TRANSPORTATION
Car payment
Car insurance
Fuel
Maintenance
Total:

DEBT
Credit card(s)
Student loans
Other loans ( RV, BOAT etc. )
Total:


HEALTHCARE
Doctor
Dentist
Prescription medication
Chiropractic/massage
Other
Total:

PERSONAL CARE
Clothing
Toiletries
Hair cut/color
Manis/pedis
Gym membership
Other
Total

PETS
Food
Veterinary care
Pet sitter/Doggy Daycare
Grooming
Other
Total:

ENTERTAINMENT
Tickets
Cover charges
Vacation
Books/magazines
Hobbies
DVDs, CDs, MP3s
Video Games
Other
Total:

CHILD EXPENSES
Daycare
Lessons/extra-curricular activities
Child support
Allowance
Total:

EDUCATION
Tuition
Books/fees
Supplies
Other
Total:

MISCELLANEOUS
Church offerings
Charity
Gifts
Total:


 Total Income:

Time for the results

Take your calculator and add up the total expenses to arrive at the GRAND total of expenses. Now subtract that figure from your net income. Hopefully you came out in the positive, but many of you came out with a negative figure. 

Try not to beat yourself up over the negative figure. You are now very aware that you have some income/spending inequities. With some adjusting to your habits and changes to your life style, your financial life will get healthier, you will be less stressed and you will find the money you need to start building some savings! 

You have turned down the road that leads to a better life. Congratulations for having the courage to do this!

Article #3 in the Single women's retirement series:
Evaluate current spending and begin to create a budget