STAGE 1- WHERE ARE YOU NOW?

The first stage on your Journey to Financial Freedom is to carefully examine your current financial situation. Don’t be ashamed or afraid to find out what’s really happening with your finances.  If your financial picture looks bad now, you won’t be able to fix it until you’re honest about it. You will need to calculate your:

Net Worth
This tells you how much your assets (what you own) are worth and how many liabilities (what you owe) you have. Subtract your total liabilities from your total assets to get your net worth figure. To become financially free you must increase your net worth.

Income and Expenditure (Budget)
A budget can give you control over what you spend your money on, how much money you save, and can tell you how much more you have to earn in order to live the life of your dreams. It’s important to keep monitoring your budget to see if you’re on track and to make adjustments if necessary. 

Debt
Impulsive consumer spending and the rising cost of living have left many people reeling under debt. You need to list all your liabilities in order to find the right strategy to become free of debt.