Cash Flow Planning

Your cash flow today holds the key to tomorrow.

Did you know that understanding your household cash flow now is an important part of planning your retirement? When you understand where your money comes from and where it goes today, you’ll be able to better predict your income and expenses in retirement.

Track your income and expenses regularly:

  1. You might "find" additional money you can invest to reach your goals faster
  2. You’ll be able to calculate how much money you’ll need to maintain your current standard of living when you’re retired.

How is your Financial Fitness? Get budget-healthy with these guidelines.

Remember your Emergency Fund

Saving for retirement is essential but so is saving for a rainy day—especially because rainy days can mean things like leaky roofs, flooded basements or other unexpected expenses.

As part of your cash flow planning, it’s smart to put money away for life’s "uh-oh" moments, like a job loss, car repairs or periods of extended illness. Ideally, you should have between three and six months of living expenses saved and accessible.

A line of credit can be helpful in responding to life’s curve balls: it gives you instant access to money you need, but only when you need it.

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