The word “budget” feels like a scary word to many people, me included. It just seems to fall to the end of the never-ending “to do” list just to keep your head above water, much less think about planning ahead.
Reviewing Your Financial Situation
Yes, it takes you setting aside a time block with yourself. And yes, making a real and meaningful acquaintance with your own financial situation is a great use of your energy and time. So, one day soon, put a meeting with yourself on your calendar, read this, and start looking at where things stand today. Do this for your home, and do it for your business.
In my business with clients experiencing levels of financial strain, the rolling 13 week cash flow projection is the industry standard. It is important you practice doing yours while things are good. Then, if you ever need one for a lender, what you produce will be spot-on, instead of full of last- minute holes, errors, and “I don’t knows” that reduce confidence.
Talk to your spouse, talk to your business partners. Cash is STILL King. And remember that @#$ happens. As Andy points out, make sure you have a category for “unplanned monthly expenses” because there are always some to come along. Sometimes even good unplanned expenses and little rewards.
Happy Cash Planning!
About DelCotto Law Group
DelCotto Law Group is Kentucky’s asset protection law firm known for its commitment to the lifetime success of its clients. With offices located in Lexington, Louisville and Danville, DLG serves Kentuckians with complicated financial matters, especially in the areas of bankruptcy and complex litigation. For more information please call (859) 231-5800, email firstname.lastname@example.org or reach us on our contact page.