Widows Well - Continue The Journey

Within the First Year

Develop a long-term plan for your financial stability.

Financial Housekeeping

  • Update your estate plan

  • Develop a budget

  • Use Budget Forms – consider these suggested percentage of income for each major expense

    • Example: Tithe = 10%

    • Savings = 10%

    • Debt = less than 7%

    • Housing, (mortgage, taxes, insurance and utilities) = less than 38%

    • Auto/Transportation, (auto loan, maintenance, fuel, insurance, registration) = less than 15% Food costs = 12%

    • Insurance, (disability, life, health) = 5%

    • Entertainment and recreation = 5%

    • Medical and dental expenses, (medication, co-pays and deductibles) = 5%

    • Miscellaneous for incidental expenses = 5%

  • Develop a short-term and long-term financial plan. Meet with a financial planer for this.

  • Assess your net worth

Helpful Hint
ww-hp-journey-step-1

Track every dollar you spend for a couple months to get a true picture of expenses. This will allow you to create a more accurate budget.

Previous Path Marker:

Along the Way

Within the first six months