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.

Any advice on this website is general advice only and does not take into account the objectives, financial situation or needs of any particular person. You should obtain financial advice relevant to your circumstances before making investment decisions. Where a particular financial product is mentioned you should consider the Product Disclosure Statement before making any decisions in relation to the product. Whilst every care has been taken in the preparation of this information, Australian Unity Personal Financial Services Ltd (‘AUPFS’) does not guarantee the accuracy or completeness of it. AUPFS does not guarantee any particular outcome or future performance. AUPFS is a registered tax (financial) adviser. Any tax advice contained in this document is incidental to the financial advice in it. You should seek specialist advice from a tax professional to confirm the impact of this advice on your overall tax position.

 

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