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5 Proven Ways to Maximize Your Cash Flow

There are five proven ways to help you maximize cash flow.
1. Pay yourself firs.
Set a savings goal – 10% or 15% of your gross income, and have that amount automatically transferred into a savings account every two weeks or half month. It is very important that keep the money there. Don’t make it accessible by ATM.
2. Build up a cash cushion for unexpected expenses.
It is kind of emergency fund. So you don’t have to resort to expensive credit on it.
3 month gross income is a reasonable figure.
3. Simplify your finances by consolidating your accounts in one place.
If your bank knows you are a good customer, it will give you better rates on mortgages, loans and term deposits. Maybe will waive the bank charge or give you a free safer.

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Where does your money go?

The question is where does your money go as a Canadian.
Just saw the answer from CB, or Canadian Business, Aug.13 issue.
The average Canadian household spends almost half its income on transportation, shelter and food. How does your spending compare?
If you use a personal financial software, it will be easy to track your spend by category. I normally use Quicken.
money_spend_by_category

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