Are you cash flow positive? It may seem obvious, but digging into the budget can be extremely eye opening. How much money comes in and how much goes out should be a simple calculation. But few people track how much they spend on discretionary items, and this can really add up. I recently did this task myself when prepping for a personal finance seminar. I, too, was surprised. I was prepared for some expenses: gas, food, utilities, etc. However, what I wasn’t prepared for was the amount of money spent on gifts and school/activity related items for our children. The next step is to look for places to cut expenses and use that money to either pay off debt or save more.
Deka Wiebusch CRPC® AIF® is a financial advisor at Skyline Advisors, a locally owned and operated registered investment advisor providing money management and financial planning services. She can be reached at (360) 671–1621 or at deka@myskylineadvisor.com. Skyline Advisors is located at 405 32nd St., Ste 201 in Bellingham and at www.myskylineadvisor.com This article is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Skyline Advisors and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Skyline Advisors unless a client service agreement is in place.