Understanding Your Financial Situation

Front

What is the first step to understanding your financial situation?

Back

Track your spending, categorize your expenses, and get insights into your financial habits.

Front

How should you review your bank statements?

Back

Review your bank statements either printed or in an Excel file.

Front

What color should you use to highlight all sources of income?

Back

Highlight all sources of income (salary, side hustles, investments, etc.) in yellow.

Front

Over what period should you review your expenses?

Back

Review all your expenses over a 2–3-month period.

Front

What color is used for unavoidable expenses?

Back

Green for expenses that cannot be avoided (e.g., mortgage repayments, rent, etc.) and for subscriptions you use regularly.

Front

What color is used for expenses where a cheaper option may be available?

Back

Orange for expenses where a cheaper option may be available, e.g., electricity bills.

Front

What color is used for discretionary expenses that are unnecessary?

Back

Red for discretionary expenses that are unnecessary, where the money could be better allocated (e.g., unused gym memberships).