Source: BALANCE Financial Guide
Wouldn’t it be nice to adapt to change easily and gracefully? To offset the wallet-shock an unexpected life change can bring? You can.
Whether you have one year or one week to adjust to such monetary upheavals as marriage, divorce, a growing family, or military deployment, you can sail through financial foul weather – as long as you PLAN for it.
Prepare: This first step will help you understand how much money you have to work with. It is vital to putting together a practical strategy for the future. If you don’t already have your financial documents in one place, it may require a little hunting and gathering (and once you do, keep them accessible, be it on your computer or in a folder in a corner of the kitchen. Be and remain organized for the next inevitable change).
You will need recent bank and credit card statements for account balances, current loan papers, pay stubs with income, tax, and deduction information, and your checkbook register for household bill information.
Have it all together? Good. Now carefully examine and notate your current income, expenses, assets and liabilities. You will need all this data for the next step in your PLAN…
Our BALANCE Financial Guide is dedicated to helping you balance life’s important decisions.