Mastering Personal Cash Management: 3 Guides to Nail it

This is a consolidated guide that focuses on personal cash management and will contain self-tested strategies for each sub-area.

personal cash management guide

This should be your starting point on the series of guides on personal finance. This is a consolidated page that focuses on personal cash management and will contain self-tested strategies for each sub-area. Most of other articles will only talk about how to get started but the key here is to stay consistent. Here I will also explain the steps, show examples and share tips on how I manage mine consistently.

Importance of Personal Cash Management

Personal cash management is the process of managing your cash flows. As cash underpins almost everything in our lives, it is the backbone of personal finance that determines the success of the other related areas such as retirement, insurance, tax and estate planning. If big companies can fail due to the lack of cash [1], this same principle applies to the individual.

Good personal cash management also has insane emotional benefits. It reduces stress and anxiety related to money. You will have a clear understanding of your financial situation, make better informed decisions. Managing your personal cash flow is an essential skill that can help you achieve your financial and life goals.

Manage your cash as carefully as you manage your life. Cash flow is the lifeblood of your financial health.

Ric Edelman

While personal cash management is perceived as a big concept, it really is simply managing your cash flows. Cash flow refers to the movement of money into and out of your accounts. Cash inflows are the money that you receive, such as your salary, bonuses, or investment income. Cash outflows are the money that you spend, such as your mortgage, groceries, or entertainment expenses.

It can be broken down into the following sub-strategies. Guides and key highlights are also included to make this digestible.

BudgetingBudgeting tactics: Master Personal Budgeting in 3 proven stepsPowerful 3-step guide that helps you create and optimize for a budget plan that works for you
Debt ManagementContrarian views on Debt and Combat tips of Debt ManagementWhy we think debt differently and how you can manage/conquer bad debts
Other tools to optimize for personal cash benefitsCredit Card OptimizationWhy and how you can use credit cards to optimize for spending

While we can discuss and share the tools and tips to manage your cash flows, it is just 20% of the journey. You will need to put in the effort to bridge the remaining 80% required to succeed. If you are keen to improve, read on!

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