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Cash Flow Budgeting

The basis of any good financial plan starts with a sensible budget. 

You cannot build a house without a good foundation and if you fail to plan then you plan to fail. 

It is so important to tell your money where to go instead of wondering where it went! 

For many years we have witnessed so much money slip through people’s fingers for them only to have regret knowing how much they wasted over a long period of time. 

First things first: 

Step one: work out what your set expenses are such as loan repayments, utility bills, phone bills, motor vehicles bills and medical bills. Don’t forget expenses such as car servicing as this can throw the budget out. It might even pay to include a new set of tyres. 

Once you have established the total divide by your number of paydays and add 10% to allow for extra expenses. The minute you know what this figure is will be the moment you are taking control of your financial situation. 

Step two: Planning for events such as holidays and xmas is imperative to the family budget. 

If you take a short trip or a large holiday this money needs to be found. If you have 3 kids and you spend $300 then you need to put away at least $900 for Christmas. It is easier to find $35 per fortnight for example than $900 at Christmas time. 

Step three: Start planning how much you spend on food and living expenses such as meals out or petrol or fun. This is the hardest part to any budget but one that can easily get out of control 

especially when we all now operate with cards instead of cash. If you estimate you spend $500 on food per fortnight then maybe draw out cash and manage that way. It makes you think and consider what you are actually spending that hard earned cash on. Try and shop once a week instead of more regularly as you always tend to buy extra if you go to the shop too often. (I am speaking from experience here) 

Step four: Ask you bank or credit union if you can have separate accounts for your different types of spending 1. Budget Account 2. Christmas club 3. Special Purpose account for holidays or savings.

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