Identifying and clearly writing down your goals will help clarify exactly what you are striving for and drive you to stay on track. Don’t worry if you change your mind – you can always come back and refine your goals.
Now that we have a clear idea of the goals you are working towards, it is time to determine your monthly income from all sources.
Time to find out where your money is going. If it is not a consistent expense, plan for it as a goal once we are done budgeting for usual expenses.
To understand how much excess money you have, simply subtract the total monthly expenses from the total monthly income.
Instead of paying interest and fees on loans, each dollar you save can instead be put towards getting you closer to your goals. With a sound financial plan and some discipline, you can pay off your loans.