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Manage your money better by creating a spending plan with financial coach Karen Eley

Ready to make a plan with your money? Financial coach Karen Eley shows us how to make a spending plan to understand our cashflow and improve our financial wellbeing.

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About this episode

Ready to make a plan with your money?

Financial coach Karen Eley shows us how to make a spending plan to understand our cashflow and improve our financial wellbeing.

đź‘€ Topics we cover in this conversation

  • Step 1: Review where you’ve been spending.
  • Step 2: Clarity
  • What if you’re not a spreadsheet fan? Other methods, apps or old school paper and printed statements also work
  • How to structure your budget? I aim to move clients to the 50/30/20 model over time, using up to 4 bank accounts:
  1. Fixed costs
  2. Flexible spending
  3. Storage account (to put away regular for those annual costs)
  4. Investing/ Debt reduction – any funds to increase NW figure
  • What happens if we get off track?
  • What are some of the common trends in budgets and spending that you see?
  • How often should we review our budget?
  • How can we better plan and manage our cashflow?

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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