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Have you ever imagined the total amount of debts that you will accumulate monthly, due to your monthly payments in your monthly bills? Have you ever imagined how much money you will be spending daily due to those monthly payments? If you are also thinking that it is going to be a nightmare when the month is over, then just wait till you get access to a spreadsheet.
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For starters, your monthly payments are not all based on interest rates or monthly fees, so it is very wrong to say that the monthly bills will soon consume you. The amount of interest that you pay out of each payment will be quite a bit more than you initially thought. So if you want to have a debt-free life, you will have to calculate the monthly expenses and figure out how much money you can save by using a spreadsheet.
Now that you know that the monthly bill is a very important part of your monthly expenses, you can now calculate the amount of savings that you can get if you were to eliminate it from your expenses. If you start eliminating the monthly bills and only focus on paying the minimum payment, then you will be able to free up more funds that can be utilized for other important financial goals such as saving for retirement
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Another benefit that you will derive is that you will be able to keep track of the income that you earn. Even though you pay a lot of attention to your bills, you may be missing some of the other income sources that you should be focusing on. This means that you may be spending too much on all those bills.
Remember that a lot of people who make monthly income usually use credit cards to make money. They might think that paying the bills monthly is the right way to handle your finances, but this might not be a smart move at all. With the help of a spreadsheet, you will be able to see the amount of monthly income that you are making and you will be able to determine whether or not you are truly earning enough to handle all your expenses.
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If you want to get a good idea of how much money you are earning, then you need to create a spreadsheet with several different bill payment methods such as direct debits, direct deposits, phone deposits, direct debit, online transfer, and credit card debts. By seeing how much you are earning each month, you will be able to adjust your budget accordingly. You can also see how much money you are spending on paying all those bills each month and you will be able to make a budget change so that you can focus on the more important areas of your financial plan.
This means that you will not only be able to eliminate the monthly payments from your list of monthly expenses, but you will also be able to eliminate the unnecessary bills. Since these will be removed from your list of monthly expenses, you will find it easier to focus on other aspects of your financial plan such as saving for retirement.
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Lastly, you will be able to simplify your financial life by calculating the number of monthly payments that you have been paying each month. If you have trouble finding the source of your bills, then you can easily see that there is a lot of extra money that you could have been earning if you would have taken a good look at your expenses and made the necessary adjustments.