Cash Flow | Credit Report Repair

Cash flow refers to what money comes into your life, and what money leaves your life. It is useful to determine what, if any, money is left after your expenses. It is also useful in that it gives you a concrete assessment of where your money goes. It can help to illuminate areas of your life where you are spending unnecessarily, or spending more than you need to.

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The cash flow chart below tracks income and expenses. Cash flow charts are completed using either monthly or yearly figures; however, most people find that monthly figures give a closer and more in depth assessment.

Total Cash Inflows - Total Cash Outflows = Available money for investing/paying down debt

Cash Inflows

Cash Inflows Monthly Annual

Net Salary (gross salary - taxes)

Interest Income

Dividends

Capital Gains

Rental Income

Other Income (RRSP/RRIF, pension, tax refunds, government benefits)

Cash Outflows - includes all charts below

a) Living Expenses

Living Expenses Monthly Annual

Mortgage/Rent

Property Taxes

Heat

Water

Electricity

Cable TV

Telephone

Auto Maintenance

Gas

Parking/Transit

Groceries

Clothing

Child Care

Health & Dental

Pet Care

Other

b) Debt Payments

Debt Payments Monthly Annual

Loan Payments

Personal Line of Credit

Credit Cards

Other Debt Payments

c) Insurance Plans

Insurance Monthly Annual

Home

Auto

Medical/Dental

Life

Disability

Other Insurance Plans

d) Investments

Investment Programs Monthly Annual

RRSP/RRIF Contributions

Education Savings Plan

Emergency Fund

Other Investment

e) Discretionary Expenses

Discretionary Expenses Monthly Annual

Entertainment

Vacation

Subscriptions

Membership Fees

Gifts

Charitable Donations

Household Purchases

Tuition

Other

Total Cash Inflows - Total Cash Outflows = Available money for investing/paying down debt

Add up all cash outflow charts. Subtract this amount from your cash inflow chart.

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Some Cash Flow Strategies

Make small reductions in your discretionary expenses (for example, entertainment) to free up extra savings, no matter how small. Think about every purchase before buying. Do you really need that item? Begin to invest any amount of money you can afford, no matter how small it seems, and try to increase the amount every few months. Pay yourself first, then have your savings automatically invested from your bank account each week, month or payday. Always remember that regular investing is an excellent and affordable way to reach your financial goals. Keep in mind that small amounts of money set aside more frequently grow at a faster rate than larger amounts set aside later.

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