Since I’m used to nothing but cash these days, I was reminded the other night of the ins and outs of managing daily cash flow.

It is always helpful to plan in advance and make sure that you are prepared for the expenditures of going out. I think the best route to go is to get out enough cash to last you for the night. This will help to limit how much you spend.

If this isn’t an option, then make sure that you have enough to cover using the friend ATM method of having a group pay you in cash and then you putting the bill on your card. While this will give you additional miles, I think that it also puts you at risk for taking on more of the possible shortage in the bill.

Readers: We’d love to hear what you prefer: cash, or friend ATM.

Just a few things to keep in mind when going out.

Cheers,

Miel

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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