Before you start your money saving plan, it makes sense to figure out exactly where you stand financially as of today. This includes adding up all what you own and owe. To keep it simple, we would only stick with the amount of money you have in savings / investments, and your monthly expenses such as groceries, transportation, credit and department store card debt, entertainment, clothing, association / recreational fees and your housing / home costs.
The idea is to first find out where your money goes each month, and look for places where you can cut back to save money. You can then use the money saved to pay off existing debt, build your savings account or fund other investments.
Use the following excel spreadsheets to calculate your monthly and yearly cash-flow.
The Mortgage and Loans Calculator above is also provided for your convenience.
