Understanding Your Current Financial Situation

Before you can start managing your money smarter, you need a clear picture of where you stand. This involves honestly assessing your income, expenses, assets, and liabilities. Track your income from all sources – salary, investments, side hustles – and meticulously record your expenses. Categorize your spending to identify areas where you might be overspending. List your assets (savings accounts, investments, property) and liabilities (loans, credit card debt). Several budgeting apps and spreadsheets can simplify this process, offering helpful visualizations of your financial health. The more accurate your data, the more effective your wealth management