If you need to get on top of you cashflow and get it working for you, take a look at our Ten Cashflow Commandments...
- BREAK DOWN YOUR BILLS – don’t let your big bills pay you a nasty surprise when you least expect it. Where possible pay your bills on a frequent basis. Most of your large bills can be paid on a shorter basis. Electricity, rates, Gas, Water and Rego (3 months) can all be paid on a shorter basis enabling you to keep better control over your finances.
- BUDGET – work out a budget and stick to it. Ultimately the scariest thing you can do is to sit down and work out how much you spend. Once you set your benchmark you can work out how much you can save and what goals you can work towards. This is something we can definitely help you with.
- REDUCE COSTS - Working your budget out will give you a much better idea of what you spend money and also areas you can afford to cut back on: ie: tv subscriptions, online shopping, takeaway etc. Reducing costs will free up cashflow and get you saving for those goals you want to achieve.
- PAY OFF HIGHEST INTEREST FIRST – Credit card debt can really escalate if you don’t pay it off on a regular basis. TIP: if you are within 10% of the limit of your credit card limit cut up the card!
- STRUCTURE YOUR ACCOUNTS - Don’t pay everything out of the one account – have one account for all your ongoing bills that you allocate funds to every pay day. Have another account for your holidays and xmas expenses. Structuring your accounts will make it a lot easier to keep track and also make you more disciplined.
- INCREASE YOUR INCOME – Ask for a raise at work or start a business. Having more income coming in makes things a lot easier – having multiple income streams is what all successful entrepreneurs do to become wealthy; it also decreases your reliance on your income which most of the time is not guaranteed and can stop at anytime.
- GET A BETTER DEAL – Negotiate every year your phone, internet, pay tv, insurances, taking the time to do this can save you big $$$ over the course of the year.
- SHOP FOR GROCERIES ONLINE - Not only does it save you time you also know exactly what you are spending – also you don’t end up with those extra treats that swamp you at the checkout!
- REVIEW YOUR HOME LOAN – Getting a better rate can save you thousands of dollars a year and possibly take years off your home loan– check with your broker annually too see you are still getting the best deal possible.
- GET ADVICE – Working out a budget and sticking to it can be difficult but here at Mortgage Choice we can definitely help and guide you through the process. We have partnered with Moneysoft to provide you with the best possible support to guide you. Moneysoft’s powerful software enables you to draw all your financial data in to one easy to use location. Moneysoft provides access to over 200 financial institutions that can updated easily on ongoing basis.
If you want to start taking control of your cashflow please contact us – we're always happy to help!