Budget Planning

Maximize your cash flow

  1. 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.
  2. Establish intelligent credit and credit limits and build up a surplus for emergencies, so you won't have to resort to higher credit facilities.
  3. Simplify bill payments. Have them automated to avoid late payments.
  4. 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!