Cash flow problems?
Have you heard of this phrase, ‘Good things will come only to those who wait’? In your journey to become a millionaire, you have to delay your gratification. You have to live by your needs and delay almost all your wants. We all know we must let our money work for us. The more money we have, the better.
Being frugal is not an easy task. In fact, it can affect your lifestyle. Nevertheless, being frugal gives you big rewards in the future. One of the first steps to be a millionaire is to be frugal. If you cannot live like that, your journey to be a millionaire can take much longer.
The idea of being frugal is simply how you manage your cash flow. Managing cash flow is one of the most difficult and tedious tasks to do. It requires you to be discipline, honest and patient. You have to monitor your balance sheet, cash flow statement, monthly budgeting, annual budgeting and daily expenditures. Basically, you have to know exactly how much money go in and go out. Every single cents count.
The idea is to create awareness on how you spend your money. If you know exactly how much you spend and how much you are left with, you can end up saving up more money. You can reach your financial goals within a shorter period of time only when you have a prefect cash flow management system.
The daily updating is the one that make your financial goals faster. When you are actually recording and tracking whatever you buy, you will realise that you are spending too much money on something or not. With all the technology now, tracking on what you buy can be tricky.
I personally have a good cash flow management and been saving 20% more of what I have been saving. I did not do this overnight; I took 4 months to perfect my cash flow management skills even though I have all the tools. As you can see, managing cash flow is not easy but it is worth the pain.
You will become frugal automatically when you monitor and track your expenditures. If you need any help or advice on how to manage your cash flow, do drop me an email.
Being frugal is not an easy task. In fact, it can affect your lifestyle. Nevertheless, being frugal gives you big rewards in the future. One of the first steps to be a millionaire is to be frugal. If you cannot live like that, your journey to be a millionaire can take much longer.
The idea of being frugal is simply how you manage your cash flow. Managing cash flow is one of the most difficult and tedious tasks to do. It requires you to be discipline, honest and patient. You have to monitor your balance sheet, cash flow statement, monthly budgeting, annual budgeting and daily expenditures. Basically, you have to know exactly how much money go in and go out. Every single cents count.
The idea is to create awareness on how you spend your money. If you know exactly how much you spend and how much you are left with, you can end up saving up more money. You can reach your financial goals within a shorter period of time only when you have a prefect cash flow management system.
The daily updating is the one that make your financial goals faster. When you are actually recording and tracking whatever you buy, you will realise that you are spending too much money on something or not. With all the technology now, tracking on what you buy can be tricky.
I personally have a good cash flow management and been saving 20% more of what I have been saving. I did not do this overnight; I took 4 months to perfect my cash flow management skills even though I have all the tools. As you can see, managing cash flow is not easy but it is worth the pain.
You will become frugal automatically when you monitor and track your expenditures. If you need any help or advice on how to manage your cash flow, do drop me an email.
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