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Here's How to Identify Your Key Players

Updated: Nov 3, 2022



I'd like to start by telling you what I define as "key players" when it comes to finances. Our key players are our income sources and expense obligations.


It's a very simple concept. However, many expenses fall through the cracks during our day to day lives. Or, we have income sources, that we haven't considered to be income. Either way, here's how you will know.


Step #1 - Start With Your Income


Write down every source of income that you have. Income is any resource that is coming to you. You will include things that come regularly, and things that come unexpected. Here are some sources of income that you may use as a reference:


  • earned income (from a job, self-employment, freelancing, side hustles)

  • grants, stipends

  • government benefits ( SNAP, TANF, Cash Aide, WIC, Disability, Unemployment)

  • child support

  • alimony

  • gift cards / other money gifts

  • recycling

  • yard sells/selling items online

  • dividends

  • earned interest on investments / savings accounts


Step #2 - Find All of Your Financial Obligations


This step is ESSENTIAL! This is an area that if we are not careful, it has the potential to cripple us. Sometimes, some financial obligations slip through the crack. Other times, we add more onto our plate because we haven't fully accounted for ALL of our current obligations, and then it all comes later to smack us in the face.




Yep, kind of like the Will Smith slap. Like Chris Rock, we go on smiling, thinking we're in good shape. Then, that money disappears and our obligations walk onto that stage with a SMACK!

I don't know about you, but I grew tired of being smacked at the end of the month, or when I really needed my finances to be in order.


So here are some expenses you may have, or even miss:


  • housing (rent, mortgage)

  • utilities (electricity, gas, water/sewage, trash)

  • internet

  • cable

  • cell phones

  • subscriptions (streaming, games, makeup, food etc)

  • memberships (Costco, Sam's Club, gyms etc)

  • Car (note, insurance, registration fees, maintenance costs, gas)

  • charge offs

  • collections

  • credit obligations (credit cards, paypal credit, amazon credit, klarna, retail credit, layaway, pay day advances etc)

  • court ordered fees (child support, alimony, reparations etc.)


Step #3 - Take it Further


Those previous obligations / expenses that I mentioned don't cover everything right? We have to eat. We need clothing, We have to make sure we don't go around stinking everywhere. Just being "stank" lol. So, here are some things we don't often consider when it comes to our finances. When I say consider, I'm talking about identifying them in a manner that allows us to plan for them.


Here they are;


  • household items (cleaning supplies, toiletries, laundry materials, appliances, pest control, etc.)

  • hygiene (toothpaste, deodorants, hair products, skin products, soap, body sprays, razors, sanitary pads / tampons etc. )

  • food (groceries, eating out, pet food, holiday food)

  • childcare (diapers, clothes, baby sitter, school supplies, toys etc.)

  • personal (self care, hobbies, leisure , pleasure)


Step #4 - Consult with Your Mail, Bank Accounts & Receipts


It's best to be sure that you take account of everything. It's not always that simple. You may need review your bank accounts, mail/email and receipts (email receipts too) to be sure not to miss anything. The goal is to be as informed as possible when it comes to the players that contribute and take away from your resources.




Identify Your Key Players!


This is the first step in you taking back some control and walking into your financial freedom! If you'd like a coaching session with me, where I help you identify your key players let me know by contacting me. Thank you!


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