Personal Cashflow Statement - More than a Budget
While a budget s important in knowing where your money goes, a Personal Cashflow Statement helps you understand where your money is coming from and might be helpful in improving your savings.
In looking at income, take the time to understand the source deductions on your paycheque, and make sure you are not paying too much. If you are getting a tax refund, this means you've paid too much tax and are lending the Government your money without interest. Money that you could put to better use and collect interest or pay down debt.
A cashflow statement might also uncover opportunities to shift investment strategies and pay lower taxes on investment income.