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Managing cash is like checking the pulse of the patient. If there is more going out than coming in, the plan may not survive. The same is true for your financial world. If you want to succeed with your Lifetime Goals, you must manage your present-day spending.

For many, that sounds like a “budget.” In a sense, it is. But not as you may suspect. Cash management sets up three basic buckets in your financial world – savings, the mandatory expenses, and the discretionary expenses.

Simply put – after the taxes are covered, pay yourself first every time you get money in your hands. That can be a fixed percentage, or it can be a fixed amount. Then take care of the mandatory expenses. These are the mortgage, credit cards, car payments, food, utilities, and other needs of life.

Then comes the fun part. Whatever is left, you can save, spend, or do whatever you would like.

This works because the first priorities of taxes and savings are already met. Everything else is yours for mandatory and personal enjoyment spending.

Call us to discuss about your planning needs. In Carlsbad and North County, call us at 760.439.5616 or 760.518.5616.

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