Check your cash flow

Checking your cash flow is very important, and some people have never done it. For many people just understanding where their money comes and goes to is an eye opener. Although we think we know where the money goes each month, in reality we don’t. It probably goes in all sorts of places you haven’t acknowledged. So, we have to bite the bullet and find out where the financial leaks may be.

Get started by downloading Gill’s Wealth-Wizard spread sheet and begin recording everything that comes in and everything you spend – on cards, cash or cheque.

It is also vitally important you are totally honest! The more accurate your recording, the more use it will be in the future.

Once you have completed this exercise you may find a quick fix. Just cutting out one take away meal or one magazine a week could reduce your overall expenditure by just 1% making a significant difference to your wealth long term and your monthly cash flow.