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cash management discipline for retirement planningAs with virtually all money matters, the easiest way to be successful with a cash management program is to develop a systematic and disciplined approach. By spending a few minutes each week to maintain your cash management program, you not only have the opportunity to enhance your current financial position, but you can save yourself some money in preparation, time, and fees when tax season arrives. A good cash management system revolves around these 4 areas:

1. Accounting quite simply involves gathering all your relevant money related information together and keeping it close at hand for future reference.

2. Analysis boils down to reviewing the situation once you have accounted for all your income and expenses. You will almost invariably find yourself with either a shortfall or a surplus. One of the key elements in analyzing your financial situation is to look for ways to reduce your expenses. This can help to free up cash that can either be put into your nest egg for the long term.

3. Allocation involves determining your financial commitments and spending your income accordingly. One of the most important factors in allocation is to distinguish between your real needs and your wants.

4. Adjustment involves reviewing your income and expenses periodically and making the changes that your situation demands. For example, as a new parent, you might be wise to shift some money around in order to start a college education fund for your child.

life_guide_retirementMonitoring your financial situation will ensure that you are on the right track to meet your long-term retirement goals. By making a cash management system part of your lifestyle, you can prepare yourself early for a well established retirement strategy.

Check out my free life guides to help you with your money management.
And, give me a call at (866) 471 7233 to discuss your retirement planning needs. My consultation is FREE.