by Steve Nicholas, Financial Adviser
If you would prefer a less stressful life where you have more choices, greater opportunities, clarity about your future and the confidence to live your best life and provide the best for those you love, then it’s time to take CONTROL of your financial situation. In this and future articles, my colleagues and I will show you how…
Having financial strategies in place for your cash flow, insurance, super, savings, debt management and estate planning is the essential foundation for achieving your financial and lifestyle goals… and having the freedom to enjoy life.
Here’s how to take control of your cash flow.
What is cash flow management?
For many business owners and professionals, high incomes are often accompanied by overspending on discretionary expenses and limited savings, despite best intentions. Spending less than you earn sounds simple, yet it can be difficult without knowing how much and exactly what you’re spending money on. If you’re finding little left over at the end of each month and you want to make the most of your income while you have it, read on to learn more about our cash flow management solution.
The old way
Determining your after-tax income and tracking your savings over the past 12 months should give you a rough indication of what your expenses are each year. However, without running through the manual, time-consuming process of downloading bank account data and working through each transaction, this method doesn’t provide enough insight into your spending to incite a change in spending habits.
The new way
At Stratus, we have partnered with software provider myprosperity, a secure cashflow and budgeting app available on iPhone and Android, that uses 256-bit encryption to protect your private details. myprosperity draws feeds of cashflow information through a link to your bank accounts, automatically categorising your transactions into different spending categories (eg groceries, transport, dining out and holidays). The best part of the software is that on initiation, it draws in the past three months of transaction information, allowing you to quickly get a picture of what you’ve spent money on.
Once you have a picture of your past spending, it’s time to consider what you do with that information. It might be that you’re looking to make further savings and you now realise you can easily reduce spending in certain areas of your lifestyle.
After you have control of your spending, we can help you set realistic savings goals which can be linked to relevant accounts in the myprosperity app. These might include debt reduction, building wealth to achieve financial independence, regular investments into shares or superannuation, or other saving structures.
Our clients have told us that using our cash flow management program empowers them to take control of their finances and make the most of what they have.
A tailored solution
Stratus Financial Group offers varying service levels for our cash flow management program; from providing access to the myprosperity platform to holding a monthly cash flow coaching call for those that require additional discipline and support to meet their savings goals.
If you would like to get your cash flow under control and give yourself more choices, opportunities, clarity and financial confidence, please contact Brett, Steve or James on 3007 2007 or email firstname.lastname@example.org, email@example.com or firstname.lastname@example.org.
At Stratus Financial Group, we help families, professionals, executives, business owners and retirees manage their complex financial affairs and coordinate their professional advisers.
Stratus Financial Group and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. This is general advice only and does not take into account your objectives, financial situation or needs, so you should consider whether the advice is relevant to your personal circumstances. You should also read the relevant Product Disclosure Statements (PDS) before making any financial decisions.