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.
👀 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:
- Fixed costs
- Flexible spending
- Storage account (to put away regular for those annual costs)
- 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?
