One of the keys to a sound financial strategy is spending less than you take in, and then finding a way to put your excess to work. It is also paramount to manage the flow of money to cover all of your retirement expenses.
This is why it’s essential to know where your money is coming from, and where it is going. You should also know when all of this is happening. Cash flow management in your personal finances is important, since it keeps you from overdrawing your account and helps you plan ahead for larger expenses. When you know how money flows through your personal economy, you are in control.
Items to consider:
- Retirement Plans and Pensions
- College Plans
- Income (earned and retirement)
- Expenses (fixed/variable)
