Did you know that the famous Profit First cash flow system can be implemented in your personal finances too? The premise of the system is exactly the same, and will help you to save more while spending less in your personal life!
When you implement Profit First, you open 5 (or more, depending on your needs) separate accounts, and transfer pre-determined percentages from your revenue into each account on a regular basis (learn more specifics here).
For your personal finances, you’ll do the same! Here’s how it works:
Setting Up Your Accounts:
1. INCOME: this account is for deposits only
2. VAULT: a savings accounts to cover the unexpected/emergencies.
3. RECURRING PAYMENTS: for the recurring, fixed, varying, and short-term bills.
4. DAY TO DAY: for groceries, school supplies, etc.
5. DEBT DESTROYER: all money remaining after transferring your predetermined amounts into each of the other accounts goes into this account. Goodbye debt!
Then, determine your allocation percentages, and schedule, and get started!
We are Profit First Professionals, trained and certified to help you open these accounts, calculate your percentages, and implement this system in your life! We will help you to save more, spend less, and achieve more financial security in your personal life!
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