5 Strategies to Keep More Money in your Pocket Each Month

Drew Faloon |


In our previous blog post, we explored the importance of identifying cash flow problems that might be impeding your financial progress. Now that you're equipped with insights into your financial landscape, it's time to take action and address those issues head-on. In this follow-up blog post, we'll guide you through practical steps to fix the cash flow problems you've uncovered and pave the way for a more secure financial future.

1. Tackling Excessive Spending

Now that you've tracked your expenses and pinpointed areas where you've been overspending, it's time to consider those habits and possible changes you can make:

  • Create your Spending Dials: Instead of a “budget”, I like to talk to clients about spending dials. We all have things that we spend money on and these values often change over time. It's not necessarily about stopping this spending altogether, but adjusting your dials up and down. In essence, you will have guardrails around your spending so that you are spending in the areas that bring you more joy, and cutting back on the things that don’t bring you joy. It not only gives you peace of mind knowing you can spend within those guardrails, but it increases your happiness due to being intentional with your spending!
  • Use a Cash/Debit Budget: For discretionary expenses that are tougher to manage like dining out or entertainment, set weekly or monthly spending limits and take that money out as cash or use a specific debit card. When you don't have that cash or funds anymore, you don’t spend in those various areas.
  • Prioritize Needs Over Wants: Before making a purchase, ask yourself if it's a need or a want. Focus on fulfilling needs first and then consider wants within your budget. Consider down-grading your car if possible. When most people understand the cost of their vehicles and the opportunity cost of not growing that money, they usually jump at the idea of changing. If done correctly, you can actually use your debt payoff strategy as a springboard to grow your wealth after your debts are paid off. 

2. Dealing with Debt

High-interest debt can drain your resources and impede financial progress. Here's some ideas on how to potentially tackle it effectively:

  • Snowball or Avalanche Method: Choose a debt repayment strategy that suits you. The snowball method involves paying off the smallest debt first, while the avalanche method targets debts with the highest interest rates. 
  • Consolidate Debt: If possible, consider consolidating high-interest debts into a lower-interest loan or a balance transfer credit card. This can make repayment more manageable.
  • Negotiate with Creditors: Reach out to your creditors and negotiate lower interest rates or more favorable repayment terms. They may be willing to work with you to ensure you can repay your debt.

3. Building an Emergency Fund

An emergency fund is your safety net during unexpected situations. Here's a way you could build and maintain it:

  • Automate Savings: Set up automatic transfers to your emergency fund every time you receive a paycheck. Treating it as a non-negotiable expense ensures consistent saving.
  • Prioritize Fund Growth: As you address debt and spending, allocate extra funds toward your emergency fund to reach your target sooner.

4. Boosting Income

If your income is insufficient to cover expenses and goals, exploring additional income sources can make a significant difference:

  • Invest in Education: Consider furthering your education or acquiring new skills that can lead to better job opportunities and increased income.
  • Start a Side Hustle: Leverage your talents and interests to start a part-time business or freelance work that brings in extra income.
  • Explore Passive Income Streams: Look into investment opportunities that generate passive income, such as dividends from stocks or rental income from real estate.

5. Auditing Subscriptions and Services

To optimize your cash flow, it's important to eliminate unnecessary subscriptions and services:

  • Cancel Unneeded Subscriptions: Review your bank statements regularly and cancel subscriptions you no longer use or find value in.
  • Negotiate Bills: Contact service providers to negotiate better rates for services like cable, internet, or insurance. Loyalty discounts or promotional rates may be available.


Identifying and fixing cash flow issues can be a crucial step toward securing your financial future. Consider implementing the actionable steps outlined in this blog post to help you take control of your finances and set yourself up for success. Remember, progress takes time, consistency, and dedication. As you make positive changes to your spending habits, debt management, savings, and income, you'll find yourself on a path to financial freedom and the ability to pursue your long-term goals with confidence.

Our next blog post will talk about the easiest and simplest ways to make tracking and managing your cash flow easy.