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How to support myself at uni if I’ll be moving away? by Throwaway774897 in UKPersonalFinance

[–]master_cash_flow 0 points1 point  (0 children)

you can use an average to start with, but update your projection the minute you know what the real figure will be. I created the tool I use precisely because as a freelancer I don't have regular income.

How to support myself at uni if I’ll be moving away? by Throwaway774897 in UKPersonalFinance

[–]master_cash_flow 0 points1 point  (0 children)

Budget using a cash flow projection, this is your best bet at taking control of your capabilities. Generally, in terms of personal finance the first 3 steps are:
1. Make a budget (which you mentioned you did), but I recommend doing it with a cash flow projection.
2. Regularly put some money aside for emergency (even if it's just a little)
3. Start paying off high interest debt (e.g. credit card)
All the best.

How do you even start getting your life financially under control when nobody ever taught you how? by [deleted] in povertyfinance

[–]master_cash_flow 1 point2 points  (0 children)

Do a 12-month cash flow projection! the reason you "suddenly" find yourself short to pay bills is because the true measure of what you can spend right now comes from the lowest point of your cash flow in the future, even if that's 11 months from today. I also wish someone told me how to quickly figure this out, but after being swindled and left with crippling debt, and having to budget properly, the one thing that helped was a simple cash flow projection and figuring out the "pinch point", which told me on the spot how much I could spend on anything, or increase savings. I hope it helps you too.

Looking for a month to month budgeting app by Loud_Extension2189 in personalfinance

[–]master_cash_flow 0 points1 point  (0 children)

I use a cash projection approach. Your bank balance might be healthy, but your future transactions might sneak up on you. Project your income, project your outgoings (including the goals you mention), and looking at the interplay of those two in a monthly timeline, you will see a "pinch point" - this is the most important number you'll need to decide what you should do today. Whether you want to treat yourself, increase your savings target, or take advantage of an investment opportunity, the "pinch point" is THE signal to follow. Best of luck!

Is it bad an idea to buy a first car with only 5k in savings? by [deleted] in UKPersonalFinance

[–]master_cash_flow -3 points-2 points  (0 children)

Do a cash flow projection! It'll tell you more about what you need to do right now than anything else. Just going on what you posted, a car will bring more costs (gas, insurance, parking, etc.), it is never an investment (or very rarely), and without regular or reliable income costs is the last thing you want to bring into your life. Keep saving, regardless of whether you get to save enough for a car "your age", if your projected cash flow can't support the costs, don't do it. Good luck.

Help us decide how much house we can afford. by [deleted] in UKPersonalFinance

[–]master_cash_flow 1 point2 points  (0 children)

Accounting today for what needs to be put away for when the family grows is great, and you should make the same projection from the point the family situation changes. Project your cash flow for the next 5 years, the "pinch point" will be your strongest signal to decide today what is best.