Top 10 ways to improve your cash flow and lifestyle

Wouldn’t it be nice if we all had more money? There are only three ways to increase your cashflow. Increase your income, decrease your expenses or both. Sounds easy right? Here are the Top 10 ways to improve your cashflow and lifestyle.

1)    Set some goals

Write down your goals then find photos to help keep you excited. It is simply as using Google images or sites like inc.com. Consider telling others about your goals so they help hold you accountable and feed you positive energy.

2)    Understand where your money is currently being spent

There are many apps and services available to track where you are spending your money. Alternatively keep it simple and track your spending with a notebook. Once you know where your money is spent you can then create a budget. Try using my budget planner spreadsheet.

3)    Create a budget and stick to it

Creating a budget is one thing but sticking to it is another. Use information gathered about your goals and current spending habits to form an achievable budget. Keep it simply categorising your spending habits in essential spending, savings and luxury spending. Try using my budget planner calculator.

4)    Pay yourself first

Reducing spending will not be sustainable if you are not enjoying your life. When creating your budget allocate money for luxury spending and pay that first.

5)    Utilise technology

Technology has made budgeting much easier and the easier something is the more likely we are to do it. It is a primal instinct called energy conservation. There are apps which track your spending and provide reports, banking solutions which automatically distributes your pay into different spending accounts and mortgages with multiple offset accounts to name a few. As your Brisbane financial adviser I can help you choose the right technology for you. Read what mozo had to say about the AMP Bett3r account.

6)    Be accountable

Budgeting is about changing your behaviour which is one of the hardest things to do. If you blow out your budget and the only person who knows about it is you then you are likely to excuse yourself. Have someone hold you accountable who can pat you on the back for achieving your goals and deter you from over spending. I do not have a magic bullet when it comes to providing my clients with budgeting advice but I do provide the tools and support they need to build positive lasting habits. Here what others had to say.

7)    Reduce your overheads

Smart wealth management means never paying too much. As a Brisbane financial planner I help my clients reduce the cost of loans and mortgages. Clients also use comparison websites to reduce other bills such as electricity, mobile phone and internet charges.

8)    Review your insurances

The cost of insurance has been steadily increasing and requires regular reviews to keep cost effective. Not only does this free up cashflow but it insures positive cashflow. With ongoing service I make sure my clients regularly review their insurances and reduce costs where possible. Contact us to learn more.

9)    Review your super

Not having an immediate effect on cashflow super will likely be the largest asset you ever own and the primary source of future cashflow. Therefore part of good financial management is looking to the future and making sure you have done everything you can to set yourself up for the long term as well as the short.

10)   Get help

Gone are the days when financial planning was all about super, insurance and retirement planning. Debt and wealth management in the form of budgeting is top of mind in Brisbane and I as your local financial advisor can help. Click here to get started.

As a Brisbane Financial Advisor, I can help you get clarity around your future, your options and the next steps in plain English. Book an appointment today to learn more.

What you need to know

Constancy Wealth Management Pty Ltd ABN 51 168 427 361 trading as Constancy Wealth is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706.

This information does not take your circumstances into account, so read the relevant disclosure documents and consider what’s right for you. If you acquire an AMP product or service, AMP companies and/or their representatives will receive fees and other benefits, which will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. Ask us for more details.

This list contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.