At one time I thought of approaching a financial advisor to pay for the advise to become financially strong and then came across wonderful financial blogs like 2million which changed my outlook on spending or saving.So my journey starts here- Usually I’m sloppy on my financials and this realization happened that If I don’t know where I’m spending my money then I’ll never/ever be able to get control of my spending.
Small control steps – start with basic recurring expenses like monthly unavoidable expenses and see if there is any room for savings.I’ll then move into second category steps where Auto insurance, home insurance, utility bills (gas or electricity) and trash bills.If this control category stabilizes then I’ll think of savings/investing or basically growing my savings portfolio
into six figures at least if not five figure dollar amounts.
I started tracking my small steps with monthly recurring expenses as shown in the left.All expenses are in dollars and total comes to around 300$ per month, Some expenses like credit watch from AMEX was useful in the past when I got an immediate alert of negative potential information posted to my credit report by some book agency (QPB) where their claim is that I signed an agreement to buy one book every year and did not keep my promise and I owe them 20$ or something in year 2001. Since I moved out of state and agency did not have my correct address they reported this as negative info to credit agencies.I was able to quickly pay and cancel the account and resolve this timely because of AMEX alert. My credit history was not effected by this timely action.I don’t know what if this repeats If I cancel my credit watch programme.Comcast is the only cable provider where I live and for existing customers there is only one expensive rate that Comcast charges for Internet, I have to switch to DSL but my phone line is VOIP (paid for two years) so I’ve to live with Comcast and there are some posts that talk about saving $$ by talking to Comcast rep in lowering the bills, I tried couple of them and didn’t work.Some one suggested taking new connection on a spouse name that lowers this monthly charges,I’ve to see if this option works.
I’ll keep updating this excel sheet of small steps and will see if this works.