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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

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  2. EP135 How to Evaluate Your Financial Situation and Plan for Cash Control

EP135 How to Evaluate Your Financial Situation and Plan for Cash Control

Apr 14, 2020

As we continue to face these unprecedented times with the spread of COVID-19, it’s natural to feel sad, worried, and anxious about what each new day will bring and what your future will hold once the pandemic is over. Whether you’re a student with seminars or classes suddenly cancelled, or a business owner who has been told to close your doors for the foreseeable future, these are uncertain times for everyone. And while we know this won’t last forever, the initial shock of our short-term reality is starting to wear off and we’re beginning to settle into our ‘new norm.’ Everyone’s financial situations are different, so it is vital to take stock of where you are and make adjustments where needed to remain financially fit.

Today, I share how to evaluate your financial situation and plan for cash control. I share the steps you need to take to evaluate your current financial situation and how to use your numbers to calculate your cash surplus or deficit. I reveal the ways that you can increase the inflow of your finances and the options that may be available to reduce your outflows, such as deferrals, cancellations, and interest rate reductions. I also share where you can find and apply for financial assistance packages from the government.



“It is really important to focus on the reality and not worry about what might be the worst-case scenario.” - Tracey Bissett

This Week on Young Money:

  • Assessing your financial inflows from part-time or full-time employment and adjusting your expectations to account for wage fluctuations
  • Assessing your financial outflows including accommodation costs, utilities, loans, insurance, cell phones, and groceries
  • How to double-check your outflows using your online bank and credit card statements
  • How to reduce your financial outflows during a prolonged period at home
  • How to calculate your numbers to determine your cash shortfall or surplus
  • Finding income opportunities to boost your cash flow
  • Where to apply for government instituted assistance packages
  • The financial outflows that may be eligible for deferral




Four steps to evaluate your financial situation:

 

  1. Inflows: How much money is coming in
  2. Outflows: How much money is going out
  3. Put it all together
  4. Make a plan for cash control




Resources Mentioned:

 




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