Cash flow is something unique to everyone. What works for one person or couple doesn’t necessarily work for everyone, yet today we are going to talk about some of the common things you can do to regain control of your cash flow.
Communicate, Communicate, Communicate
When it comes to your finances there is no such thing as over communication. Whether you are single or have a partner to share the household with, the key to cash flow is in the communication. Your heart and head need to work together to make sure everyone involved is aware of what you are spending, what you can spend and why you are spending the money.
Tools
-Weekly financial dates with your spouse or even with yourself.
-Regular non-confrontational conversations about where your money is traveling.
-Work together in your gifting. Don’t use spreadsheets if they don’t work for you.
Who said Budget?
Many hear the word budget and immediately associate it with a sense of guilt and shame, a checklist which they cannot measure up too. In truth tools to track your spending are much more helpful than a budget. A budget tells you where your money went and spending plan tells you where you are going to put your money. There are dozens of ways to track spending but some of the best are listed below.
Tools
-There are hundreds of online budgeting tools to help you if you enjoy technology. YNAB, Mvelopes and Mint are all excellent online tools if you enjoy technology.
-The good old fashioned, envelope system. Take out the cash, split it into the different categories and only use cash. When the cash in that envelope runs out you have to wait until payday!
-The 3 bank account system. Many people enjoy using debit and Visa cards for the points. If this is you, there is a system to ensure you aren’t going into debt each month. Have three bank accounts, one for savings, one for fixed expenses and one for daily expenses. These three bank accounts turn into your ‘envelopes’ and keep you from using credit.
Unbiased Third Party
Last but certainly not least, having a coach or an accountability partner often will provide perspective you cannot get on your own. They will help present you with alternatives and keep you on track to pursue your dreams.
Tools
-Pastors, mentors and parents are all great sources of mentorship and support. Search for the people in your life who manage their finances well and ask them to help guide you on the path to financial freedom!
-If you live near Kemptville, Ontario, the second and fourth Saturday of every month the Kerith Debt Freedom Center is open to provide a private, confidential, non-judgemental consultation. You can visit their website at www.kdfc.ca or call 613.258.4815 to book your appointment with one of their coaches.
-If you do not live near Kemptville our mission at More Than Enough is to help families, couples and people to be free from debt, one at a time. You can call our office to book an appointment at 613.520.4157.