To know where you’re going you must know where you are.
We had Chantelle Conley on to talk about financial planning during a crisis. She shared with us her Cash Flow Worksheet. Use it to get a quick overview of your finances, because guessing is not a sustainable strategy.
Ashley Williams, current Secretary of the USBG Dallas Chapter created her own worksheet to manage her finances. It allows for areas to track income from multiple sources and prioritizes non essential expenses.
Take time to track everything you spend your money on in a spreadsheet or notebook for a month. You will start to see where you can save and where you should shift. If you use your debit card for everything, take the time to go line by line for 3 months. You’ll have a more clear picture of your habits.
In more stable times, when you come into money (a extra large tip, a tax rebate, winning the lottery, your grandmother gave you a check for your birthday) use the 45:45:10 formula. 45% goes to paying off credit, 45% goes to savings, 10% goes to fun.
Under the CARES act all loan and interest payments would be deferred through September 30 without penalty to the borrower for all federally owned student loans.