Do you constantly pay late fees on your credit cards or other bills? Do you forget to pay bills? Are you always short on cash when bills become due? If you answered yes to any of these questions, this articles can help you. Managing your cash flow is crucial if you want to improve your financial situation. Here are my seven tips to improve your cash flow:
1) Write it down!
Before the month starts, write down all of the bills that you will need to pay during the month. If you need help remembering all of your bills, you could try keeping a list on your computer that you print out each month. Here is an example:
Keep the list in a place that you see every day, such as taped to your refrigerator or on your desk. As you pay each bill, cross it off of your list.
2) Spend less than you earn!
That seems pretty obvious doesn’t it? Hopefully you are already working on this and are budgeting your money well. If not, feel free to stick around this website and get some other tips on cutting expenses, increasing income, and following a budget.
3) Pay off debt!
When you don’t have any debt, you have less bills to worry about. It sure is easier to budget when your only expenses are things like utilities and food. The more debts you take on, the more bills you have to keep up with. And ultimately you will have less money when you are giving it all to everyone in the form of monthly payments.
4) Always think ahead!
Work towards paying your bills early. You should always strive to pay bills when they come in the mail, not the day they are due.
5) Plan your paychecks!
In addition to budgeting the entire month, it’s a good idea to also budget each individual paycheck. Before payday, write down on a piece of paper or note card what bills you will need to pay with that paycheck. You can use your monthly budget from tip #1 as a guide. Writing it out and adding up the numbers will help you visually see what needs to be paid and prioritize money accordingly.
6) Increase your income!
It’s always a good idea to have some extra cash coming in to ease the financial strain. There are a lot of ways to made extra money. You could get a freelance job in your career field. You could open an airbnb rental room in your house. You could drive for uber or lyft. You could babysit. You could walk dogs. You could clean houses. You could sell products that you make. The possibilities are endless.
7) Find expenses to cut!
I personally find that it’s easier to make small changes over time than to drastically cut all expenses at once. Start looking at your expenses and figure out what you could do to lower your them. Small changes such as packing your lunch instead of eating out can make a big difference over the course of a month.
If you have any tips of your own please feel free to comment below!