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.
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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.
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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.
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To understand how much excess money you have, simply subtract the total monthly expenses from the total monthly income.
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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.
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