There are many ways in which a financial planner can help you get your finances under control and cash flow is an important aspect of that. Some people can manage these things on their own, whereas others may need a little helping hand from an independent financial planner.
- Determine Spending vs Saving
If you haven’t already, you should calculate your income, down to the cent. Examine your pay slips, bank statements, and tax returns to get an accurate balance and from that, you can work with your financial planner to determine how much of your income went towards savings and how much you spent maintaining your lifestyle. The ultimate goal being to reduce your spending and increase your savings.
- Creating a Budget
Secondly, your financial planner can assist you in creating a budget. This can be quite a tedious task and as such, many people chose to get help from a financial planner. Creating a budget usually consists of the following.
- Determining net income
- Tracking spending
- Setting goals
- Adjusting spending habits
- Checking in with your financial planner regularly
Without professional advice, it can be hard to work out exactly what’s possible when it comes to your financial goals. An independent financial planner can help keep your cash flow management on track by projecting how long it will take you to achieve your goals and ensuring you stay on the right path to meet them.Technology has come also come a long way over the years and financial planners have access to fantastic systems that analyze your spending and ensure your budget is accurate and achievable.
If you need help managing your cash flow, contact our Melbourne based independent financial planners in Berwick today.