Listen to the podcast below to learn more about creating your black book. Then download the free black book template below which you will complete over the next week
Key Takeaway:
An important step in understanding and improving your finances is to collect and write down all of your important financial information in one place which we call a "Black Book". This exercise will give you the detailed knowledge required to improve your finances and to identify anything that requires attention. It will also prove invaluable to an executor or your partner if you were to die.
Complete the "Bank Accounts & Overdrafts", "Credit Cards & Unsecured Loans" and "Mortgages & Secured Loans" sections of the black box spreadsheet / pdf. This may require you to register for online access to some of your accounts if you have not already.
Key Takeaway:
In order to reduce debt with the ultimate goal of becoming debt free it is essential that you take ownership of your debts by listing them all out so you can build a plan to pay them off in the most efficient way possible.
Check your credit score for free by clicking on the article in the additional reading section below
Key Takeaway:
One task everyone should perform once a year is to check their personal credit report. It is important to check your credit report so that you can rectify any issues ahead of applying for credit or a mortgage. You can also check that you have not become the victim of identity fraud.
Day 4 - Review your savings, pensions & investments
Task:
1 - Complete the "Savings Accounts" and "Investments & Pensions" sections of the black box spreadsheet / pdf. This may require you to register for online access to some of your accounts if you have not already. Include any old or current workplace pensions.
2- Go to the government's pension tracing service to track down the details of any pensions you think you might have. The article in the additional reading section below provides a detailed explanation of how to use this service to trace old pensions.
3- Check the earliest age at which you can start receiving a State Pension, by using the official tool. This will likely be different to the age at which you can receive any personal or workplace pension benefits.
Key Takeaway:
In order to make an effective retirement plan and becoming financially independent it is important that you get an overview of your assets by listing them out and tracing any "lost" pensions.
Complete the "Personal Insurance" and "General Insurance" sections of the black box spreadsheet / pdf listing out all the personal and general insurances that you have including any work provided insurance benefits.
Key Takeaway:
While a lot of people understand the importance of general insurance, such as home and car insurance, personal insurance such as life insurance, critical illness insurance and income protection insurance are often overlooked. It is important that to list out all your insurance products that you currently have (including those provided by your employer) so that you can assess their suitability in the days to come.
Listen to the podcast segment below which outlines how to approach achieving financial goals. Then start to think about what your own financial goals for the near and long term may be. For example it may be becoming debt-free, building an emergency fund, saving a deposit for your first home or starting to invest.
Key Takeaway:
Once you have decided what your financial goals are it is important to break them down into smaller achievable steps that can be used as your guide to help make sure you achieve long term goals.
Time Required:
10 mins
Click to play:
Day 7 - Rest day
Task:
Use today to finish off any Week 1 tasks that you may not have had time to complete this week.
Now that you have completed Week 1 of the 28 Day Financial Fitness Challenge, make sure to continue with Week 2.
Hi Damien,
I’ve been listening to your podcast for about 6 months. I have really enjoyed listening to the advice that you offer and the community that you have built. I often listen and re-listen to your podcast over the week and take action where necessary. Your podcast on creating a black book has been particularly brilliant and I have done it as part of my New Year financial resolution. I can’t believe how many accounts we have as a family and having all the information in one place is brilliant. In our family one us takes responsibility for our finances and having everything in one place has put my mind at rest as my wife and children know where to find it. Thank you once again.
Hi Mark,
Thank you so much for taking the time to leave a comment. It is incredibly motivating for me and the team to read such feedback as it drives us forward to continue doing what we are doing at Money to the Masses.
At some stage in your life, you will likely need to engage the services of a financial adviser to help...
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.AcceptRejectRead More
Privacy & Cookies Policy
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
Hi Damien,
I’ve been listening to your podcast for about 6 months. I have really enjoyed listening to the advice that you offer and the community that you have built. I often listen and re-listen to your podcast over the week and take action where necessary. Your podcast on creating a black book has been particularly brilliant and I have done it as part of my New Year financial resolution. I can’t believe how many accounts we have as a family and having all the information in one place is brilliant. In our family one us takes responsibility for our finances and having everything in one place has put my mind at rest as my wife and children know where to find it. Thank you once again.
Hi Mark,
Thank you so much for taking the time to leave a comment. It is incredibly motivating for me and the team to read such feedback as it drives us forward to continue doing what we are doing at Money to the Masses.
Best wishes
Damien