The Best Ways to Quickly Improve Your Cash Flow

In Seven Steps to Get Out of Debt, step #3 was listed as “look for ways to improve your cash flow.” I just listed a few basic thoughts on that post, and I want to add some details for those interested in improving their cash flow. In particular, I want to focus on how to improve your cash flow QUICKLY if you’re in a tight spot and need extra money to pay off debt.

Just so we’re all on the same page, let’s start with what I mean by “cash flow.” Quite simply, it’s the difference between what a person makes and what they spend. In this case I’m talking about monthly cash flow — what someone earns in a month versus what he spends that month. It’s his “surplus.”

We all know that there are only two ways to improve your cash flow — increase income or decrease expenses. Do either of these things and you will grow your cash flow.

In the short term, it’s much easier to decrease expenses than it is to increase income. If anyone could have easily increased their income, they would have probably done so and it would already be part of their cash flow. It’s a fact of life that money making efforts usually take a decent amount of time to develop and show results. I’m NOT saying that you shouldn’t start working on money making ideas — just that it will take some time for these to noticeably improve cash flow. Therefore, if you’re looking to improve cash flow NOW, you’ll need to focus on decreasing expenses.

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