What is cash flow management?
For many professionals in mining and resources, high incomes are often accompanied with an overspend 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 what your after-tax income is 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
We have partnered with software provider myprosperity; a cash flow and budgeting app is available on iPhone and Android. This software draws feeds of cash flow 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 the use of our cash flow management program empowers them to take control of their finances and make the most of what they have.
A tailored solution
Resources Unearthed contributor Stratus Financial Group offers varying service levels for our cash flow management service; 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, please contact Resources Unearthed on 07 3007 2000 or email@example.com
Resources Unearthed is a solutions hub that provides integrated financial, legal and business advisory services for executives, professionals and business owners in mining and resources.
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.