Question 1

What is personal cash flow, and why is it important?

Accepted Answer

Personal cash flow refers to the movement of money into and out of your personal finances, encompassing income, expenses, savings, and investments. Effectively managing your cash flow ensures you can meet financial obligations, avoid debt, and achieve financial goals.

Question 2

How can I create an effective personal budget?

Accepted Answer

Begin by listing all sources of income and categorising your expenses (e.g., housing, utilities, food, entertainment). Track your spending to identify patterns and areas where you can reduce costs.

Question 3

How much should I set aside for an emergency fund?

Accepted Answer

It's advisable to save at least three to six months' worth of living expenses in an easily accessible account. This fund acts as a financial safety net for unexpected events like job loss, medical emergencies, or major repairs.

Financial Wellness: Managing Personal Cash Flow - Online Course

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