Go with the (cash) flow to enjoy your life more
IMAGINE feeling on top of your finances. Knowing you’re in a position to enjoy your life today, while also saving for tomorrow.
Unfortunately, many of us don’t feel like we’re in that position. Financial stress is very common and can impact all areas of our lives — psychological health, morale and the ability to fulfil day-today responsibilities.
A better cash flow could help. Your cash flow is the amount of money that’s coming in and going out of your bank account at any point in time. Also, cash flow is almost always the starting point for building wealth.
So, when it comes to finding ways to enjoy life and still grow your wealth, before you do anything else, it’s worth looking at how you’re spending your everyday money.
Work out what you’d like to achieve in life. Setting goals is a good way to help shape how you spend your money in the long term. Setting goals may help you become happier and more positive as well as eliminate some triggers of financial stress.
Take a step back and look at your money coming in and going out. This will help you become clear on where your sticking points are, like the common times you find yourself short.
Build a budget that fits your lifestyle and priorities. There are lots of budgeting tools online. Once you’ve crunched the numbers, you can then look at areas to make some savings.
List your current providers for things like your home loan, bank accounts, credit cards, mobile phone, internet, insurances and utilities. Understand the costs, then look around for better deals.
Embracing online services can simplify the time it takes to look after your finances so you can get on with the rest of your life. Direct debits, electronic communications and apps that help access finances on the move are just a few time savers.
By taking a fresh look at your cash flow, you’re likely to find new approaches to saving money and time.
Sam Stevenson is an authorised representative and credit representative of JSSJ Financial Pty Lty, trading as Edge Advisory Partners, and is an authorised representative of AMP Financial Planning Pty Ltd. This editorial contains information that is general in nature. Consider your financial situation and needs before making decisions based on this information.