Improve your cash flow

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We all have months when expenses run hot and carry over to the next month. But when it keeps happening, it’s time to look at our spending and regain control.

Most people don’t have the time or desire to do a detailed budget every month, so we’ll simplify this for you. Do it once a year. And, let’s not call it budgeting. Let’s Plan Your Pay, so you can get the most from each paycheck.

Resources to help you squeeze the most from each paycheck:

Watch the Improve Your Cash Flow video
Do the Plan Your Pay activity to help squeeze more from your paycheck
Call 1-800-791-2363 or schedule time with a Coach to find ways to free up cash

Use the below worksheet to capture your current expenses. The video can help you get the numbers in the right place and think through your spending. Then call a Coach who can help you determine where to do some dollar squeezing and shifting to help free up cash for what’s most important to you.

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Improve Your Cash Flow

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Plan Your Pay activity sheet

Download worksheet

Here are some “dollar squeezing” tips to help lower your expenses.

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Groceries and Dining Out

Develop and stick to a meal plan.
Head out early to take advantage of Early Bird specials and Happy Hour food and beverage pricing
Skip appetizers when the restaurant offers complimentary bread/chips, skip coffee, tea, soda, and alcohol at the restaurant, split a few smaller items.
Buy in bulk for heavily used items.
Use coupons and cancel wholesale memberships that you don’t use.

Commuting/Auto Expenses

Choose cars that hold their value
Check special leasing offers for cars that aren't selling quickly enough
Make biweekly payments, resulting in 1 extra payment for the year
Refinance car loan
Consider selling a car you don't use
Try to use public transportation instead of ride-share apps and taxis
If your destination is within practical walking distance, walk or bike.
Carpool and avoid rush-hour traffic
Use application that search for the best gas prices, such as GasBuddy

Electricity and Oil/Gas

Switch to energy-efficient appliances
DIY smaller items such as fire alarm installation
Install insulation and weather stripping
Use smart power strips
Regularly replace furnace filter
Adjust thermostat
Decrease temperature on water heater
Proper insulation around the house and regular maintenance

Life Insurance Premiums

Opt for term, rather than permanent insurance
Buy sooner rather than later (premiums increase with age and deteriorating health)
Pay annually if possible to avoid extra fees when premium is paid month-to-month
Quit smoking & maintain a healthy lifestyle

Support of family members/loved ones

Childcare co-op (bartering services instead of money)
Take advantage of workplace benefits and referral networks
Make sure your parents are utilizing every eligible benefit (Medicaid, etc.)
Home monitoring systems instead of full-time assistance if practical
Bartering caregiving services for unused rooms, cars, etc.
Leverage eligible tax credits and deductions

Telephone/Cable/Internet Fees/Streaming Services

Bundle internet & cable (package of channels you actually watch)
Replace cable with multiple streaming services
Choose a prepaid or smaller mobile data plan after monitoring data usage
Negotiate your cost
Shop with family or friends

Student Loan Payments

For any unsubsidized student debt, investigate if you can refinance, and use the student loan interest deduction
Make payments during your grace period, sign-up for autopay, and pay over the minimums if possible
Consider an income-driven repayment plan
Enroll in automatic payment programs

Medical Insurance

Pick the right facility/institution for your care (i.e., urgent care vs. emergency room, smaller hospital vs. big-name hospital)
Know what your policy covers and check for errors
Choose in-network providers if possible
Consider cost-sharing reductions - deductibles & co-payments

One last tip to spend smarter: Look back to look forward. Start reviewing your bank and credit card statements and circle purchases that weren’t worth the money (we all have some!). Make a mental list of the types of expenses you will avoid in future. Keep doing this each month until you cut down on “low value” spending.

CALL A COACH

Financial Wellness Coaches can help you learn how to spend less than you earn. You can either schedule time with a coach, or just call 1-800-791-2363.

Schedule a call

Having your Plan Your Pay worksheet available will help you get the most from the session (but not required).

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