Think cash flow planning is just for businesses? Think again.

Think cash flow planning is just for businesses? Think again.
19Aug2020

Does your money come into one bank account and is spent from the same account, without much thought on a long-term savings strategy? If your answer is yes, don’t worry, you’re like most Australians!

Chances are, you’ve never thought much about cash flow planning for your personal finances but it’s something we should all be prioritising.  

With the recent pandemic, we’ve all been thinking about our personal finances more and it’s a great time to create a solid foundation for our future. Wouldn’t it be nice to have the peace of mind from having money saved for a rainy day, or being able to achieve our lifestyle goals like buying a home or going on a holiday. And, wouldn’t it be nice to do all of this without relying on credit cards or personal loans?  

If you’ve said yes to all of these questions, then you should consider getting a financial planner to help you with your cash flow planning. A financial planner will help you decide where your money should be spent and advise on how to set-up your accounts to make cash flow planning an automatic process.  

Given we have many aspects of our lives, why wouldn’t we have different accounts for these things? Here’s an example of how your accounts could be organised: 

  • Lifestyle account: Save towards big ticket items like a home, car or holiday.  
  • Bills account: Ensure you have enough money to cover your day-to-day bills. 
  • Tax savings account: Save enough to pay your next tax bill if you’re self-employed. 
  • Offset account: Maximise the benefits of offset accounts. 

If you feel like you’re not in control of your personal cash flow, it’s time to speak with one of our financial planners. They’ll work with you to devise a plan that works with your lifestyle whilst also building a long term strategy to accumulate wealth.  

Get a head start and know where your money is going. 

Carbon Wealth has partnered with MyProsperity: The platform that makes managing your finances easier than ever before.  

MyProsperity has a special tool just for cash flow that enables you to: 

  • Know exactly where your money is being spent  
  • Keep an eye on and track your expenses 
  • Save for exciting things like holidays, a new car or home! 

Handy tips to improve and maximise your cash flow. 

  • Maintain a strong credit rating: This will keep your interest rates down and help your cash flow. 
  • When buying or re-financing a home, it pays to do your research to find the best interest rates and terms.  
  • Keep an eye on your food and drink expenses: Take advantage of specials like Happy Hour. 
  • Consider a local holiday and explore your state or Australia rather than an expensive overseas trip. 

Interested in getting started with your cash flow plan? 

Get in touch to arrange a free, no obligation, meeting with the Carbon Wealth team and find out how you could be managing your finances better. 

Contact us today

 

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