Cost Savings Strategies for Businesses and Cash Flow for Individuals and Family |Mike Butean & Anne

At this event Mike Butean will talk about Cash Flow for Individuals and Family and Anne Falomo will talk about Cost Savings Strategies for Businesses.

Sound familiar?

· I have debt, but also want to save for my future.

  • I’m not sure where my money goes at the end of the month.

  • I’m nearing retirement, and I’m not sure if there is anything more I can do to prepare.

· I make great income, but I feel like I should get more out of it.

How should you categorize your spending’s?

· Low emotional risk (bill , rent, gasoline …)

· High emotional risk (groceries, eating out, daily expenses..)

Should you automate your credit card and debt system ?

· Leave the credit card at home

· Automate bills payment to your credit card

· Automate pay in full from your bank account

· Encourage statement checking

· Check your credit score once per year at a minimum

What is a credit score and how to improve it?

· A credit score( or FICO Score) is a mathematical formula created by Fair Isaac and Company. Equifax and TransUnion will crunch the number from the credit report , somewhere between 300 to 900

§ Payment History (late payments) 35%-315 points

§ Amounts owed (proportion of balance) 30%-270points

§ Length of credit history (time since opened) 15%-135 points

§ New credit (inquiries) 10%-90 points

§ Types of credit (credit card, lines of credit…) 10%-90 points

§ A good score starts at 650 for Equifax

Will debt diversification hurt?

· Look at your debt structure:

· Count how many different debts you have ( 11 debts in average for canadians)

· Find out how much they cost you in total repayment

· Don’t get distracted by interest rates

· Get an All in One (to replace the mortgage and debt unification)

How much money can you find in average?

The combination of what most people leak out in inefficient interest, and unconscious spending on items that doesn’t really matter adds up to $3100/month for families with income north of $100,000/year and having over 20% of their mortgage paid up

Feel free to reach out if you are interested to learn more at:


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