I’m continuing to make great gains in my net worth — since a small blip in November 2009, I’m continuing on the right path. My net worth increased another approximately 27 percent in the last month.
On to the numbers …
Like I mentioned earlier, I monitor my net worth at the beginning of each month. I find that it helps keep me on point with regard to all of the goals I have for myself. I also just like to keep tabs every month. To me, it’s a nice, round period of time. I wouldn’t do it any more often than that, but I’d do it more than once per year. I think quarterly would work just fine.
Anyway, on to the numbers …
I’ve taken the lessons my mother has taught me about planning and budgeting and broken it down into six steps. Follow these to establish your personal finance plan, and you will have the foundation in place for success — no matter what small obstacles or larger life events may come your way.
Here are the six (in order):
1. Figure out your net worth.
2. Set goals for yourself.
3. Determine how much money you spend per month.
4. Take your paycheck and start allocating for your expenses.
5. Set aside your savings.
6. Adjust accordingly.
Common cents? Sure, but sometimes we all need to get back to basics. Read on after the jump for more information on each step.