Cash is King: Why You Need to Master Your Cash Flow

The amount of money that goes in and out of your bank account each month determines quite a bit about: 1. How you live 2. How you spend Here are some tips to help you increase your positive monthly cash flow!

1. Pay Off Debt

This might seem like a “Duh” moment, but it is essential to positive cash flow. The month we paid off both cars and my student loan, we increased our cash flow by $900.

2. Cut Back Spending

Just by reducing eating out, entertainment budgets, cutting out a gym membership and cable an individual can increase their positive monthly income by the hundreds.

3. Refinance High Interest Debt

A quick way to increase your cash flow is to refinance bad debt with interest rates. A student loan with an 8% interest rate or higher when refinanced can help increase your monthly cash flow.

4. Track Your Spending

Awarness is key to creating a postive monthly cash flow! Whether you use Mint, Personal Capital, or an old school Excel spreadsheet, you will have to track your money.

5. Focus on Making More Money

So let’s say you track your spending, you paid off your debt, and you cut back on spending, but you still are having trouble creating a positive monthly income. Then you need to focus some energy towards making money.

Tap the link below to learn  How to Master Your Cash Flow

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