Nelson Andres Peralta Posada

02/20/2023

How can you calculate your Beginning Monthly Savings?

You need to subtract your monthly income with your monthly spending, what you have as result, that will be your beginning monthly saving; it can be positive or negative.

02/14/2023

Previous step was to see where your money was going the most. Now is time to Calculate How Much Each Expense (Money-Out) Costs Monthly.
Identify the dollar amounts for each of your expenses over the course of a month.

02/12/2023

How to know where your money is going?

We have to use at least 3 months of statements of each of your bank accounts. You need to write the name of each expense that you did on each account, then mark an X beside each name to illustrate times repeated of the same expense.

Example: Quicksilver card statement from Oct 1 to Nov 1: 10/5 Laundry, 10/6 insurance car payment, 10/15 Supermarket 10/25 T-Mobile, 10/29 Laundry. 10/26 Amazon, 10/28 Amazon, 10/29 Amazon, 10/29 Amazon, 10/30 italian restaurant

Platinum card statement from Oct 1 to Nov 1: 10/3 laundry, 10,6 insurance car, 10/15 macys, 10/18 amazon, 10/ 25 italian restaurant.

Now let's put the name of each expense, and times repeated in a separate sheet as the following:

Laundry X3, Insurance car X2; Supermarket X1, T- mobile X1, Macys x1, Amazon X5, italian restaurant X2

You now have a clear picture of where your money is going the most and which expenses are not necessary to do. We need to reduce expenses in things that are not necessary, like: Amazon, Italian restaurants and Macy's.

02/06/2023

How to know your average income per month?

Check 6 months of statements of each account that you opened on any bank and write down every income that you have from any resource of income. Add everything and the result divide it by 6 months to know your average income per month.

Example: Quick silver card statement: 10/05 Uber payment $600, 10/10 Lyft payment $800.
Platinum card statement: 10/5 Construction Corp payment $800, 10/10 laundry payment $400, do this up to 6 months of statements! This is only a month from 2 different accounts.

Now you have to add everything $600+800+$800+400= $2,600 divide by 6 months= $433; this is your average income per month.

02/03/2023

How can I find a reason for gratitude?

In life when you are learning there will be difficult situations in the process, but these are there to teach you a lesson and it is very important to find the opportunity and be grateful for it.

01/30/2023

What is the True Freedom of Financial Wholeness?

Just having enough money in the bank account is not enough to feel financially free and secure. In order to feel financially secure, you have to grow in other critical financial areas.

Update insurance to cover new life-style, clear retirement plan, updated plan to grow wealth and sustain it vs just save money. Finally, have a professional financial adviser. All of these will help you feel much more financially secure and feel the true freedom.

01/27/2023

savings:
Without savings, it’s nearly impossible to eliminate debt, build an emergency fund account or build saving goals accounts for traveling, wedding, to buy a car etc... save for the future to invest and reach any goal much faster.

01/20/2023

Avoid these common credit mistakes!
1. Not valuing your credit
2. Raising credit card limits
3. Not monitoring your credit history
4. Not monitoring your credit score
5. Not knowing your interest rate and fees
Did you already know these? If not, which one is new to you?

01/17/2023

Where do I start?
Starting your first job comes with many questions. The first step to saving is to lay your finances out. If you know where you’re starting, then you’ll have a better idea of how to set realistic and put a game plan in place.

01/06/2023

It’s not what you earn, it’s what you keep.
Treat your savings like any other recurring bill that you’re responsible for each month. Choose an amount that fits into your and prioritize it to go into savings each month.

12/26/2022

Holiday Financial Tip #2 – Address credit card debt.

If you find yourself worried about credit card debt this holiday season, you may want to consider a balance transfer – which can save you money and sometimes provide an initial period of no interest.

What middle-income Americans need to know as recession concerns grow. Amid conflicting economic signals on high inflation, steady jobs numbers and rising interest rates, economists are increasingly confident that a recession is likely soon — they just don’t know exactly when. While there are a l...

12/22/2022

Holiday Financial Tip #1 – Set a spending budget.

It’s easy to go overboard with spending during the holidays – prioritize setting a budget before you head online to do your shopping.