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Are you confused by the complexity of your monthly cash flow and want to make the best decisions for your family? Are you curious as to how best to manage cash flow, pay down debt, and fund your investment accounts while allowing yourself the freedom to make pivots along the way?
On this episode of Solopreneur Money, I walk through a case study to show you how I helped one client increase his monthly cash flow to help him reach his financial goals. Learn how to build a plan to increase your monthly cash flow and execute it by listening to this episode of Solopreneur Money.
You will want to hear this episode if you are interested in…
- Learning how to best manage your cash flow [1:22]
- Using your goals to help you understand how to manage cash flow [4:40]
- Creating a plan for your monthly cash flow [7:19]
How to examine your monthly cash flow
Your monthly cash flow is the money left over after subtracting your expenses from your income. It is the amount of money you have left at the end of the month after all of your bills are paid. My goal is for you to find a way to increase your monthly cash flow so that you can achieve your financial goals. Would you like to increase your monthly cash flow? Have you considered how you can get this done?
What does your savings situation look like?
Before you can increase your cash flow you should examine your savings. When you look at your savings you’ll want to consider whether you have enough in your emergency fund. I recommend having 6-12 months of expenses stashed away.
You also need to consider whether your retirement savings are on track to reach your retirement goals. How is your kids’ college fund? Is it where you want it to be?
What is your debt situation?
Most of us have some kind of debt, whether it is student loans, a car payment, credit card debt, or a mortgage. If you can decrease the amount of debt you have then you can increase your monthly cash flow. Look at your monthly bills to find ways to eliminate your debt.
Could you use some of your emergency savings to pay off your car? Could you refinance your mortgage to lessen your payments or take years off your loan? How would eliminating debt help you to reach your financial goals?
Come up with a plan
Before you come up with a game plan, first consider your goals. What are your financial goals? Would you like to retire early? Would you like to invest more outside of your retirement accounts? Would you feel more comfortable with a bigger emergency fund? Once you consider your financial goals then you can come up with a plan to help you reach your goals.
If you would like some help with coming up with your own financial plan check out my website to discover free resources. Shoot me an email if you would like to work with me. We can schedule a consultation to get you on the right track to achieving your financial goals.
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