Cash flow is something that many people are struggling with right now due to the pandemic. A cash flow problem happens when your payments cost more than the income that you have coming in. If you are in a negative cash flow situation, first identify it by adding up your income and your expenses. Next, find out which expenses you can cut out such as streaming services and/or energy costs. Finally, contact an accountant or a financial expert and ask them if there are any other ways that you can save money for the short-term until your cash flow problem is fixed.
Key Takeaways:
- A cash flow problem is when you owe more money than you currently have coming in. Basically your debt payments are higher than your income.
- When you are going through a cash flow problem, you should look to get rid of expenses. Streaming services, energy costs and cable TV and internet are easy things to get rid of to save some cash.
- Call a financial expert to help evaluate your problem and give you advice on how you can save money and get your cash flow problem behind you.
“Positive Cash flow is when you have more money coming in than goes out each month.”
Read more: https://canadamortgagenews.ca/2020/05/21/its-all-about-cash-flow/
