A Financial Checkup
The start of each new year is the perfect time to evaluate your household finances.
By reviewing your finances, you can discover ways to cut back and to save a little more.
A great place to start is to look at your debt to income ratio. Reducing how much you pay in debt interest is a great opportunity to save more each month. Here are some simple formulas to analyzing your financial health:
- Total Monthly Debts.
Include mortgage, car, credit cards, line's
of credit and so on.
- Total Monthly Income.
Total your monthly net income from
- Debt Ratio Check Up.
Divide your debt into monthly income.
If 50% or more of your income is going to cover debt then you should consider consulting a certified financial planner to explore ways to reduce the amount of debt you are paying each month.
When you know what your financial health looks like, you are able to make informed, objective decisions and set realistic goals.
At Capital Direct we're here to help and your home can be one of your greatest financial resources.