To effectively manage cashflow, you need to know where your money is going.  Once you know what you're spending (and where), you can then modify your behaviour to increase your savings.

A cashflow budget is an essential part of any financial plan. It helps you understand what cash will be available to meet expenses over a certain timeframe, usually 12 months.

It allows you to:

  • highlight where you're spending money
  • see what proportion of your income is being spent
  • identify areas of unnecessary spending
  • determine the expected flow of cash
  • plan for those months when additional funds are needed

Just as important as creating a cashflow budget is reviewing it - regularly - because external events can always crop up that will not be in line with what you planned for.

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