From the course: Financial Wellness: Managing Personal Cash Flow
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Making a financial action plan
From the course: Financial Wellness: Managing Personal Cash Flow
Making a financial action plan
- Congratulations on all of your work so far. Gathering information about income and expenses and generating options for change is already a huge accomplishment. In this video, we will decide which of your identified options you're going to try first and create a plan to implement it. In general, the easiest changes that you can make are things that are of little importance to you, you only have to choose once or very infrequently, and meet a need that's easy to satisfy in other ways. Let's use an example to demonstrate. Say you have a regular salary which reliably covers your safety needs, but you often find yourself short when periodic expenses come up and you have no financial cushion. You don't have any ideas for a side hustle, so your first plan is to look for expenses that you can cut to the tune of $100 a month. Your options are your $110 premium cable bill, to stop buying prepared food at between five or $10 a day,…
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