Cash Management
The monthly and yearly in and out of your bank account. You need to be on top of the smaller transactions and time periods so that you can plan for your longer-term goals and bigger purchases.
This is the area where you start teaching your children your values around money and how to manage it. Current cash management will impact your estate planning & structures.
Questions to start you thinking:
- Are you aware of where your money goes?
- Do you have a savings plan?
- Do you have a debt reduction plan?
- Are there regular costs that frustrate you?
Numbers Needed for Your Plan
- Income information, including deductions for benefits like pension, health care, union dues, pay stubs, tax return.
- Any other income that comes to you from free-lance work, family gifts.
- Expense worksheet – how much are you spending where?
- Savings that happen regularly
- Larger purchases you would like to make in the next 3 yrs.
- Debts that you have
- Mortgage
- Car
- Student loan
- Family
- Etc.
