3 Tips to Help You Save Money and Manage Your Cash Flow

It’s well-known that personal finance can be tricky to manage, especially if you’re just starting out. The truth is that there are many easy ways to save money if you know how to go about it the right way. Here are three tips that you can put into action right away so that you can save money and better manage your cash flow in the process!

Set goals:

Before you even think about how to save money, it’s important that you set some financial goals. What do you want your finances to look like? How much would you like to save, and over what period of time? These are just a few questions that need answers before your efforts will be worthwhile. Once you have those answers, setting up a budget is easy. Here's how: First, figure out how much money you make each month (or quarter). Then write down all of your monthly expenses—and include everything from rent or mortgage payments to car insurance premiums and utility bills. From there, add up all of your expenses and subtract them from your income (the result is how much money you have leftover each month). Now divide that number by 12—and there's how much cash flow you have per month. Once you know exactly how much cash flow is coming in every month, it's easier to determine where extra savings can come from.

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Make a budget:

When it comes to saving money, one of your goals should be to reduce impulse spending. One way you can do that is by making a budget. Sure, most people (read: not us) hate making budgets, but take heart—it’s really easy with tools like Mint or YNAB (You Need A Budget). With a budget in place, you’ll know exactly how much money you have for fixed expenses every month (e.g., rent), discretionary spending (e.g., date nights), etc. It also forces you to keep track of your cash flow so if something bad happens in your life—says a car repair or an unexpected doctor visit—you can quickly make adjustments in your discretionary spending and keep from falling behind on bills.

Keep track of your spending:

In order to save money, it's important to stay on top of how much you're spending. By creating a budget, you can prioritize what's important. This will help you figure out how much you should be saving each month as well as which bills need your attention right away. With these numbers in hand, it will be easier to decide which purchases are necessary and which ones can wait. By keeping track of your spending regularly, you'll never have to wonder where your cash went at the end of each month.

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