Managing your cash flow and creating a budget.

Regardless of your life stage, understanding your cash flow and knowing what you have available to enjoy life AND plan for the future will help to alleviate financial stress. Specifically, understanding your cash flow enables you to allocate your resources efficiently between fixed and discretionary expenses as well as know how much you should be saving and investing for the future. Intuitively this is a simple concept when it comes to planning around your household finances because you already know what comes in (income) versus what goes out (expenses). Cash flow analysis takes this a step further through building a plan around your fixed and discretionary expenses. Unfortunately, managing monthly cash flow can be stressful for many employed and retired households because it can be difficult to prioritize current expenditures and manage your savings. However, Plotkin Financial Advisors, LLC has the necessary experience to alleviate these worries through our analysis and planning process.

In the planning process, our staff of financial advisors will analyze your cash flow, and this will create the opportunity for objective recommendations on ways to manage your daily finances to achieve your financial goals. If you are employed, we will analyze your expenses versus wages, and if you are retired, we will determine if your portfolio can generate enough income to meet your expenses.

Without a grasp on your cash flow, you may be ineffectively managing your income. For example, rather than letting your savings accumulate in your checking account each month, you could be optimizing contributions to retirement and education accounts via an automated investment program through your monthly cash flow. That said, the Certified Financial Planners ™ at Plotkin Financial Advisors, LLC will work with you to manage your budget to:

  • Automate savings
  • Prioritize investment goals
  • Manage your portfolio income in retirement

Anticipate and plan your cash flow in retirement.

In managing your portfolio in retirement, it is critical to maintain a sustainable withdrawal schedule as well as ensure your portfolio generates enough income to meet your needs. It is for this reason that our staff of CFP®’s create retirement plans that start with understanding how much income you need based on your current as well as projected expenses, and then analyze your assets and then determine a portfolio allocation that will be sustainable. Put simply, our advisors work with you to determine how much income you will need and then create a portfolio that is designed to meet your income needs. The biggest fear for most retirees is outliving their savings, and it is our goal to help alleviate this fear and ensure households enjoy their golden years.

We are your local financial advisors.

For over the past two decades we have been helping individuals and their families in the Washington, DC metro area plan for retirement, manage their investments, and achieve their goals. If you are unsure if you could be saving more efficiently or if you are adequately managing your retirement portfolio, please feel free to contact us today to learn more about our cash flow planning.