Just like we have a calendar that informs us about days, months, and years, a cash calendar is similar to that but with different content; it can be used by everyone and even companies, start-ups, or businesses. A cash calendar works just like other management tools. It uses the basic details of your finances, like your income and expenses, to monitor how much money you have to spend. It will also help you save and lear down your debt, it works like a regular calendar, but you use it to keep track of both your payment dates and payment amounts. According to Vivens Uwizeyimana, CEO of Umurava work, a tech startup that is building freelancing, outsourcing, remote working, associate consulting, talent acquisition, and workforce management solutions, the overall role of a cash calendar is to show a clear roadmap of your payment dates and payment amount. With the connected value to these two variables, the calendar will be demonstrating the clear visibility of the money coming in or going out on the respective dates, he says. “This is a great tool and framework for the companies especially to Startups and SMEs as it is always clear to know how to balance the expenses and income with a big focus on allocating the resources efficiently,” he says. Angel Muhorakeye, a chief finance officer explains that a cash calendar is a simple way to boost your finances and a great advantage for your budget. “A cash calendar helps you plan out your budget, all you need is to commit to it, it is like committing to a saving plan; when you commit to it, results will always be quick and amazing, and it also helps you get organised financially,” she says. Why is a cash calendar important? Uwizeyiman explains that with a cash calendar, businesses are able to solve the challenge of missing bills. “Cash calendar management brings an efficient method for managing the finances of the company efficiently because there are two easy ways to track the debt, and the time for paying them as well as informing the company finance team the right time for keeping the savings for the specific period of time,” he states. Types of cash calendars According to clever girl finance, a financial education platform aimed at providing women with financial guidance; there are three main types of cash calendars you can set up: Paper-based calendar This can be as simple as a calendar on your fridge or noticeboard. Some will find a pocket diary works well, too. Or you can go all out and create a giant cash calendar in your home office. Digital calendar Pick your favorite digital calendar, perhaps Google Calendar, Outlook Calendar, or similar. If you need to share this with other household members, or within your business, make sure you have this set up to sync. Online cash calendar If you want a little less legwork in your cash calendar creation, some excellent online versions are available. To set up a cash calendar you will need to know the dates of important events, including: Income dates: When do you get paid? Bills: You can mark your due dates for recurring payments like your electricity bill, mortgage, or credit card. Savings: Pick a day of the week or month to pay yourself, meaning that you put money aside on these dates to save for retirement, college, your emergency fund, or other future plans.
