HOW TO EM­BRACE YOUR CASH FLOWS (AND WOES)

MISSED one of our re­cent Col­lec­tive101 MAS­TER­CLASSES? Our SPEAKER shares her BEST tips for you.

Collective Hub - - CONTENTS - Fi­nan­cial ad­viser and co-founder of Cash. HOST: CHELSEA MUR­PHY

tips from our Col­lec­tive101 mas­ter­classes

1 GET TO KNOW YOU Ex­plore your val­ues and at­ti­tudes to­wards money. It sounds like a fluffy first step, but know­ing what val­ues are im­por­tant to you – and why – will help you be con­fi­dent with part­ner­ship, di­rec­tion and in­vest­ment op­por­tu­ni­ties. It also helps to limit spend­ing on the things that don’t mat­ter. It sim­pli­fies de­ci­sion-mak­ing, both in your busi­ness and in your life. 2 DE­FINE YOUR DES­TI­NA­TION

You need to know where you’re go­ing, so get busy defin­ing what your ideal fu­ture looks like, then break that down into monthly achiev­able steps. The eas­i­est way to plan out your fu­ture state is with smaller, man­age­able tar­gets. Ask your­self ques­tions (and be spe­cific!). What do you want, when do you want it by, why do you want it and how does it link back to your val­ues?

3 KEEP IT SIM­PLE (AND SEP­A­RATE)

Put sim­ple strate­gies into place that keep you on track. It’s of­ten the small fi­nan­cial de­ci­sions that make a big dif­fer­ence over time. Have sep­a­ra­tion be­tween your busi­ness and per­sonal bank­ing. This makes it eas­ier come tax time and also gives you greater in­sight into the fi­nan­cial po­si­tion of each, with no con­fu­sion about what goes where. 4 THINK LIKE IN­STA­GRAM

Keep your money as up-to-date as your In­sta­gram feed. How many fol­low­ers do you have? What’s your busi­ness profit this year? I know en­trepreneurs who can an­swer the first ques­tion, but not the sec­ond. Have an ac­coun­tancy tool, like Xero, which makes it easy to know your sit­u­a­tion. Love your numbers by us­ing tools that you en­joy, just like so­cial me­dia. 5 FIND YOUR PEEPS Em­bark­ing on the jour­ney to love your money with some­one else can be a great way to keep each other mo­ti­vated and ac­count­able. Find your fi­nance friend, numbers nerd or sav­ing sup­porter. And don’t be afraid to en­gage ex­perts when you need to. When a friend calls you to ask a fi­nan­cial ques­tion, you can be the per­son that helps them!

For more from Chelsea Mur­phy, visit cash­full­stop.com GET THE 101 To up­skill and min­gle, sign up for Col­lec­tive101 mas­ter­classes at collectivehub.com/ col­lec­tive101

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