Now that I have have my budget done – what’s next

So far I have an accounting system in place and have captured  my budget into the accounting system – so what is next

I can now hone in on areas of expenses that need to be improved – and see how much cash is left over to improve my Balance Sheet

Any cash left over from my monthly PNL will be transferred to my mortgage so that I can fast track the repayment- so instead of it taking me 28 years to repay my mortgage (  I will be 81 years old ) – I have decide to pay as much as I can towards reducing this debt  in a matter of 5 years – you can get any debt reduction spreadsheet on the web -I have obtained a really good spreadsheet from – just go to the calculator section of Tod’s website

There is the old saying that what gets measured gets managed so what this exercise has done  is focus my resources on areas of my Balance Sheet that can be built much faster by reducing me debt quicker

The next area I am going to look at is my retirement fund which I contribute to on a monthly basis – this   is legislated in Australia and is called superannuation. In the USA it is called 401K

Lessons for your kids 

Show your  budget to  your kids and explain the concept- this will be an important lesson for them in explaining  how the household budget is run and the consequences of over spending