top of page

Inspecting, Get Your Gadgets and Follow These Steps

Updated: Dec 23, 2022

The TCB Way

After you have identified your key players, learned to forecast, you have a better understanding of what's going on in your wallet and other accounts. Now, you are at the point where you can look deeper.

Step #1 - Determine Which Income & Expense Variables Are Fixed

You will review each key player and decide if their numerical amount is fixed. To be a fixed amount, it MUST be the same each month.

Types of Fixed Income:

  • SNAP benefits

  • Cash Aid

  • Unemployment

  • Social Security

  • Child Support

  • Salary

Types of Fixed Expenses:

  • Rent /Mortgage

  • Subscriptions

  • Memberships

  • Debt Payments

  • Insurance Premiums

Step #2 - Determine Which Income & Expense Variables Are Variable

To be variable, the numerical amounts of the income or expense must change on a monthly basis.

Types of Variable Income:

  • employment

  • 1099

  • gifts

  • free lancing

Types of Variable Expenses:

  • utilities

  • groceries

  • childcare (not limited to daycare, includes, clothing, diapers, school supplies etc.)

  • self-care

  • debt payments

These are not exhaustive lists. So, use them as a guide.

Why Should You Inspect Your Finances Further?

We have found, when you take this step when you are experiencing a financial hardship, it will let you know what wiggle room you have, and where you have it. If you're not experiencing a financial hardship, inspecting your finances is still beneficial because you will get the same insights when planning your financial goals.

You've Earned Your Inspector's Hat!

Inspecting your finances can be a means of allowing to survive when things are tough! Let us know how you did by commenting down below! As always, if you need additional assistance, contact us!

0 views0 comments


Rated 0 out of 5 stars.
No ratings yet

Add a rating
bottom of page