Cashflow is King! : Top Things You Should Do to Increase your Cash flow

The Filipino culture says that you take the responsibility when you get your first job. Be responsible with your parent’s retirement and send the next sibling to school. If you are fortunate enough and you are an OFW, send 90% of your income back home. The latest Standard & Poor Ratings survey says that only 25% of the Filipinos are financially literate. Thus, this same culture and mindset is passed on to generations.

Today, there is a new breed of Filipinos who would like to change that landscape. There are financial advisors and financial planners who would teach you about financial planning. From simple to complex matters, you are sure enough to be on the right path for so long as you are talking to a registered financial planner.

As for you who would like to know where to start, there are steps you should follow but allow me to share with you the top basic things to increase your cash flow if you want to achieve financial peace.  By making sure that your cash flow is good then you will be able to fund the other facets of financial planning.

Cut Down Expenses

Cutting on expenses is one of the most basic things to asses in your cash flow. There might be items in your expenses that are categorized as miscellaneous – those that are not really necessary – and or emergency. Make sure to identify a real emergency, mind you, a Mall wide SALE is not an emergency!

You may start by putting everything on paper  your day to day expenses even up to the last centavo and at the end of the month, transfer it on an spread sheet so you can take a study on one month’s worth of expenses. There are also FREE applications for android and iOs devices, and these applications make your life easier.

Increase Your Source of Income

Once you have laid down all your expenses and everything is really necessary, then you don’t have any other choice but to increase your source of income. Increasing your source of income means not only proving to your boss that you are worth a salary increase, but assessing also yourself if your skills still match your current position. Maybe you have outgrown your position and the next higher role should be more appropriate.

If you are still young then you should be adventurous enough to match your skills with the demands in the industry today. If you are no longer relevant to the industry then probably it is time to learn a new skill.

Monetize Your Skills

Make an inventory of your skills and talents. Maybe it is time for you to explore that talent you have been wanting do. With the opportunities the World Wide Web have created, you will find a place in the market today. Also, the emergence of social media makes it possible to connect to as many people as you want and you can make it your platform to offer your products and services.

If you are good in singing then why not try becoming a wedding singer, probably you are good in hosting or maybe you are good at organizing stuff and an events organizing business could be best for you.

If you will monetize your skill, you have to plan on when you will put time on it especially if you are still employed. You have to calendar your activities because it will also be unfair to your employer if you are not giving your best with your full time job too.

Ask Your Employer for Personality Development Program

Employers are also supportive of the development of their employees. Thus, you may ask your employer of the available personality development programs they have for you. Some companies offer FREE financial literacy workshops, Soft Skills Training and many other trainings which they think is relevant to their workforce.

Some employers, offer a training loan package at 0% (zero) interest and salary deduction arrangement for so long as it is for personality development.

By educating yourself, makes you an informed Filipino Citizen and makes you more productive and empowered. Thus, making you earn more by having a more confident personality, being educated on matters concerning your financials, gives you a clearer mind too.

Improving yourself and your cash flow allows you to think smartly on your day to day decisions. By having a healthy cash flow, it allows you to fund your financial goals such as retirement, wedding fund, major expense and if you are a parent, for educational fund among others. 

Thus Cashflow is really a King!