Business & Finance Personal Finance

How Do I Analyze My Current Financial Positions?

By Business & Finance Last updated Saturday, June/29/2024

1). Calculate your monthly expenses. Include your costs for housing, food, transportation, bills and any miscellaneous expenses. Roundup your final calculation to the nearest whole number.
2). Compare your monthly expenses to your cash income. If your expenses exceed your income then it is time to make adjustments in your budget.
3). Calculate the amount of income you have left over after your expenses are paid. This money can be used as savings or to begin investing.
4). Calculate the amount of interest you are earning on investment, savings and checking accounts. Add this amount to your income.
5). Plan a budget. Use any left over income in an investment account, such as IRA (Individual Retirement Account) or setup a savings account. Set a goal for your savings account; this will make saving easier. If your spending exceeds your income, take a look at your expenses to see where you can cut costs.

VeryPages News News - Breaking News & Top Stories - Latest World, US & Local News,Get the latest news, exclusives, sport, celebrities, showbiz, politics, business and lifestyle from The VeryPages,Stay