One recurring term you may hear when discussing finances is 'personal cash flow'. Your personal cash flow is the difference between your earnings and your spending. Your earning potential can be influenced by salary, bonuses, self-employment and investment sources, while your spending involves fixed and discretionary expenses. Put quite simply, spending less than you earn allows you to build wealth.
Personal cash flow management requires an understanding of where your money is spent and how to maximise your money handling. Improving the surplus in your cash flow ensures you have money for savings or investment purposes, or even for debt reduction.
Rasmussen & Associates Chartered Accountants are here to help you manage your personal finances. Our expert staff can assist you in getting the balance right between reducing your debt, saving for future needs and the long-term goal of retiring with sufficient funds to sustain your lifestyle.
We will look at key aspects that influence your personal cash flow, including taxes, fixed and discretionary expenses, savings and your income. From this assessment, we can help you gain control of your personal spending, advising you of key areas that can maximise your savings to help build wealth.
If you are interested in learning more about managing your personal cash flow, contact the team at Rasmussen & Associates Chartered Accountants today on 07 4951 4233.