Maximize your cash flow
- Pay yourself first. We've all heard this before, but are we truly doing this? Open a separate account to transfer 10% of your income to. Ensure you have limited access to this account so that you can see it grow and won't be tempted to use it.
- Establish intelligent credit and credit limits and build up a surplus for emergencies, so you won't have to resort to higher credit facilities.
- Simplify bill payments. Have them automated to avoid late payments.
- Avoid any unnecessary fees. What does it cost you to pay your insurance monthly as opposed to once a year? Do you have several bank accounts, each charging you fees? Do you pay your credit card off every month? If not, look for a lower interest rate card (several institutions offer these with a small annual fee attached).
Budget planning requires work. If you set things up, monitor and modify as required, you can be successful. If you need help, get it!