Is Your Financial House in Order?
Guest Blogger: Jodee Brydges, RPM Mortgage and Author of “Digging Out”
As loan officers, we spend a lot of time advising our clients on how to restructure their financials in order to qualify for a mortgage.
So, the question that I’m asking you is, “Is Your Financial House in Order?”
As you ponder ideas of what you really want to achieve, make your financial goals a top priority.
Start by gathering each and every statement that arrives in the mail (or in your inbox) and face your current financial facts. When each statement arrives, whether it is a credit card or student loan statement, take the time to review the statement in detail, document the findings, and set financial goals.
Here are a few steps to get you started on the right path:
Step 1: Review Each Statement – As statements arrive in mail, don’t just tear off the coupon with the amount due and shred the evidence. Grab your highlighter, take the time to review each statement, and highlight the following findings:
- Creditor/Loan (e.g., Macy’s, Visa, Target, Nordstrom, etc.)
- Total Balance
- Interest rate
- Minimum Payment Due
- Actual Payment
Step 2: Document the Findings – Once you have highlighted the above items for credit cards/loans, document each on one page using the following chart:
|Card / Loan||Balance||Interest Rate %||Min. Payment||Actual Payment|
Step 3: Face the Facts – Total and review the amount that you owe on all credit cards/loans and make a commitment to pay all, or a portion, of the debt in 2019. For example, if you owe a total of $10,000 in credit cards, write down an amount you want to pay off in 2019.
Step 4: Break Down the Goal – Once you have determined the payoff amount, take the amount, divide by 12 and set your monthly goal. For example, if the goal is to pay off $5,000 in 2019. Take the $5,000, divide by 12, and set a goal to payoff $416 per month. Breaking the goal down into monthly bite=size chunks will give you monthly results that will help build the momentum needed to achieve the annual goal.
The hardest step is always the first step. Take that step today and use the above guidelines to make 2019 your best financial year yet! By getting your financial house in order in January, all of your other goals will fall into place.
For these and many more financial ideas, be sure to visit my website www.jodeebrydges.com and pick up a copy of my new book “Digging Out”, which is full of practical advice to help you obtain your financial goals in 2019! Wishing you a wealth of financial success!