Article 121 Budget Spreadsheet - Part 3 on Financial Tune-Up

Budget spreadsheet is essential in figuring out where we are.  Without it, the financial tune-up will not get off the ground.  I know I promised to let you know where to find some hidden savings, but without the budget we will not be able to pinpoint where we can save.

We need to pay attention to work on the budget spreadsheet for all prices have gone up and the income has stayed the same.  Sometimes gas prices go through the roof so money is tight.  We want to get our finances in order but we are busy and working on it is not fun.  But it is something that cannot wait any longer.  
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Track where the money goes.  You will be surprised to find that the money goes not only to rent or mortgage but to other smaller items as well.  So get all your bank and credit card statements and go to this

budget spreadsheet where you can track your expenses and put in the amount of money coming in and going out. This way you will know where you are. The above budget worksheet to fill out will give you the full financial picture. You will be able to tell from that, where your money is going. You will know from that sheet the big spending items as well as the small bits that are enough to put one in debt. The good news is that knowing the full financial picture is the first step in the financial tune up. That budget spreadsheet will show you your net worth but you can also google for a net worth calculator and use it to find your net worth.

Here is the net worth calculator I found for you. It is important to focus on assets so you will be empowered to double the effort of getting out of debt. After you put in the data, you don’t have to submit it; just deduct what you owe or liabilities from your assets. The amount you will get is your net worth. Now, get your credit card report. It is important to do this because the higher the credit report the less it will cost you to buy things. The interest rates in the credit cards are affected by the credit score. So do in loans and sometimes the insurance premiums.

To get your free credit score, go to Don’t pay up if they try to charge you because they are supposed to give free credit reports from TransUnion, Experian, and Equifax once a year.

If they try to charge you, that means you’re in the wrong place so keep trying. The credit score range is 300 to 850. The magic number is 750. So check your report as they may have mistakes. There are directions on how to dispute the report.

As soon as corrections are made, go get your FICO Score. Others may offer you a free one but they have been found not to be the right ones. Businesses and lenders check the FICO Score and so the $16 they will charge you is not much considering the money you will save.

Don’t buy the FICO Score though till you have cleaned up your credit reports. And another thing, why not use the credit score to show the lenders and see if it works? I have not done this before so I cannot guarantee that it will work, but try it and see. Let them be the ones to buy the FICO Score for you. If they want your business badly, they may just do that for you.

There you are; you know now where you are. This is the first step and perhaps the hardest part for some. If you are not comfortable with the budget spreadsheet, I may have to give you another one in the next issue of this series of articles. You will have more to go through to build your wealth which is really the true goal of this financial tune-up where the first step is to do the budget spreadsheet.

Refresh Budget Spreadsheet - Part 3 on Financial Tune-Up

Return from Budget Spreadsheet - Part 3 on Financial Tune-Up to Debt Challenges Home Page for the Disclaimer.

Article 123 Financial Tune-Up - Part 4 Working on the Budget Spreadsheet

Personal Financial Ratios - Part 2 on Financial Tune-Up

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