As Financial Advisors,we see many clientsmake the common financial mistake of spending more than they earn.Whether your cashflow is difficult to track, your yearly expenses fluctuate, or you simply feel that it’s all too hard, that’s why we’re here to help.Here are our top four tipsinmanaging your cashflow better:
Create a Budget
Creating a budget may be tedious, but it’s also the most important factor in managing your cashflow. To make it easier, there are many free budget tools you can use. Educating yourself is key. Once you understand how you’re spending your money, this gives you the ability to make changes if necessary.
Calculate Your Income
Simply work through your payslips, tax returns and bank statements to calculate your income to the very last cent. Once you have this figure, determine how much of that has been stored away in savings. The figure that’s left, is the amount you’ve spent on daily living.
When it comes to technology, we are fortunate to have access to resources that didn’t exist just a few years ago. Online banking for example, has the ability to track and notify you of your spending. There’s also apps available that can not only track your spending but can remind you when bills are due and warn you when you’ve over spent.
Seek Out Professionals
Technology isn’t the only resource that’s advanced, as the services available from independent financial planners in Melbourne have broadened significantly over the last few years.Many financial advisors are available to help manage your cashflow and track your spending to keep you on the right path to achieving your financial goals.
If you’re seeking expert financial advice on how to manage your cashflow, contact our Packenham, Berwick and Melbourne based Certified Financial Planners today.