Back to the Basics: Managing Cash Flow

MILMO Show

A firm grasp of your current money situation is foundational to your peace of mind and financial success. One of the best ways to take control of your finances is with a cash flow statement.

Today is the second episode of my "Back to the Basics" series, which is all about being brilliant at the basics or core principles of finance. Last time, I covered the basics of the Thrift Savings Plan, and today, I’m going to talk about something equally important: cash flow management.

Understanding and managing your cash flow is a fundamental skill that will help you avoid debt, plan for emergencies, achieve financial goals, and reduce stress. You may have heard the term "cash flow" thrown around before, but what does it really mean? And how is it different from budgeting? If you're confused or just want to strengthen your financial foundation, this one’s for you.

In this episode, I’m covering:

• What a cash flow statement is and how it works
• The differences between cash flow and budgeting, and why both are important
• Practical steps to create your own cash flow statement
• Tips for managing your cash flow effectively
• Common pitfalls to avoid and strategies to stay on track

The show notes can be found here: https://milmo.co/podcast/managing-cash-flow