Move a step closer to financial fitness by taking a Financial Inventory
Article 2 of the Financial Fitness Series
We’re continuing our journey towards financial fitness today. I like to begin this journey by non-judgmentally assessing your current financial situation. This is a fact-finding mission. You’re not trying to problem solve or generate ideas. You’re just establishing a financial baseline, the starting point from which you will build your path to financial success. This step is an opportunity to create a summary of your own financial information for easy access.
By understanding where you stand financially, you can set realistic goals and, in future steps, create a budget that works for you. In this article, we will delve deep into the process of taking a personal financial inventory. We won’t be working in YNAB today but I’ll give some hints on where this information can later plug into YNAB. I have provided a template you can copy to your own Google Drive and use to document your financial inventory. If you’re uncomfortable storing this information on Google Drive you can also download the template to Excel and use it locally. I included the steps for doing both processes below.
It’s easy to think this step is unnecessary or to avoid it because you think it will create more stress than it alleviates…
