8 Critical Personal Finance Numbers You Need to Know Story

Do you know your financial status? If not, you’re not alone. A recent Gallup poll found that only 32% of Americans have a household budget.

Furthermore, a recent Bankrate survey found that 55% of Americans don’t think their financial situation will improve this year, with 44% who think their situation will stay the same and another 12% saying they think their situation will get worse.

The first critical personal finance number you need to know is your after-tax income. This means you must know what money you’re actually putting in your pocket every month (net) as opposed to your overall income (gross).

1. After-Tax Income

Borrow Items

2. Monthly Expenses

Once you know how much money you have coming in you need to determine how much money you have going out. You also need to make sure you’re covering all your necessities and not overspending for non-essentials.

3. Debt – Total and for Each Loan

Yet another critical personal finance number you need to know is your debt. Furthermore, you need to know both your total debt and the balance for each loan.

4. Savings and Savings Rate While it’s extremely important to know your debt situation, it’s equally important to understand your savings and savings rate

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