Widows Well - Continue The Journey
Within the First Year
Develop a long-term plan for your financial stability.
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
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.