It’s all about cash flow.

Positive Cash flow is when you have more money coming in than goes out each month. Simple to understand but for many of us, this just isn’t happening right now.  

If you are experiencing a negative cash flow situation,  you need to take action now. Here are some steps you could take to improve your situation.

Step 1 – Identify your cash flow.  

• Add up any and all income that you are receiving.
• Add up all your current living expenses.  

If the math is positive, you are one of the lucky ones.  If the math is negative or you want to improve your cash flow,  continue to Step 2.

Step 2 – Determine which expenses you can change.  

• Simple examples would be to cut out cable tv and just keep the internet.  
• Using Streaming services? Pick your favorites and cut the rest.
• Take advantage of the 6-month mortgage deferral option.  
• Cut out any subscriptions to news sites or other unnecessary costs.
• Reduce energy costs.

The list is endless.  Do a review and write down what you need and what you don’t.  

Step 3 – Speak with your accountant or financial expert to see where you can save money.  Don’t have someone to call?  Call my office, I’d be happy to review and help if we can at No cost. We are here to help.   

Often when we talk about dealing with a negative cash flow situation we recommend looking at ways to generate additional income, but these are unusual times and while I don’t dismiss that as an option, the reality is it’s not an easy time to find alternate employment opportunities. So my focus today is going to be on reducing expenses. We’ll save the rest for another time.

As always, I welcome your comments, calls and questions.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Your best interest is my only interest.