What You Can do Today to Improve Cash Flow

What You Can do Today to Improve Cash Flow - as part of the expert series by GeoBeats. Five, probably most important steps to improve your cash flow. The first thing to do is stop using your credit cards. Credit allows people to spend beyond their means, and it is easy. All you have to do is put down the credit card. There is no reason to put the cash out and take it out of an account in order to pay for something. The second item is if you do have ongoing credit card debt, is to figure out a plan to pay that off. Cut up the credit card and make more than the additional payment every month in order to bring that balance down. The third is start saving, and start saving now. You need to start saving for an emergency fund. This amount is typically totals approximately six months of living expenses. Although it would be nice, you do not need to have that amount saved right away, but you need to start saving today for that emergency fund. Also, pick an amount that is reasonable for you, that is not too aggressive so that you will be digging into that money every month to meet your bills and expenses. The fourth item is pay attention to what you are spending money on and determine if those things are worth it to you. Are you willing to give up your morning latte or to take your lunch to work a couple days a week in order to save money for that down payment on your first home? Prioritize where the money is going and cut out small expenses that are not helping you reach your goal. The fifth thing is kind of a fun item you can do to help reduce your current expenses. That is challenge yourself and your family to think of fun things to do that do not cost money. For example, if you have young children you might want to go an outing to the library to hear a story hour and get out some new books. Another thing might be to go to a free concert in the park and take a picnic dinner. There are many things out there that are available to people and are very fun that do not cost any money. Try to change your expenses so that you can save more money for those things that are most important to you.