Here we are with the final part of the budgeting series! I hope you have been enjoying it and are using the information to help you manage your business money even better!
Today, I am sharing with you some of my tips and tricks for making budgeting easier, more manageable and truly taking the chaos out of your numbers!
Tip #1: Being in control of your finances is a HUGE stress reliever.
Okay so maybe not as much a tip but a big reason as to why you should budget. Numbers, money, finances – anyway you say it, it can bring on a wave of stress. Not knowing how to manage your money to grow your business is overwhelming and can lead to not being able to move forward at all – so remember although it may seem daunting at first, being in control will take a huge amount of pressure off of you!
Tip #2: Create a Financial Vision Board
This is such a great way to start. What do you want to achieve with your business. What will you do with the money you make? Where do you see yourself in 6 months? A year? 5 years? Create a vision board so that you can really focus on what and why you want to be in control of your finances so that you can achieve the things you put on your board!
Tip #3: It’s never too late to turn things around – you are your only obstacle.
A big part to getting started with good money management is mindset. Like I just said it can be overwhelming and you might feel like it’s too late. I am here to tell you it is NEVER too late. I have been there where I thought it was going to be too hard or not even possible to turn my money story around but I did it. Was it easy? No…but with hard work and putting my negative mindset aside, I was able to change my story and change my business to see the growth I was really looking for!
Tip #4: Know your numbers!! – you need to know what is coming and going to ensure your cash flow is sufficient for day to day business operations.
Sit down and right it all out. Look at all your numbers, the good, the bad and the ugly so you know exactly what you are dealing with!
Tip #5: Set a specific time each week to review those numbers!
Numbers change all the time. You need to make sure you are checking in on them and knowing what is happening in your account. This is especially important if you are just starting with a budget. You will need to get in the habit of looking to make sure that what you’ve budgeted is realistic to the amount of income and expenses you have.
Tip #6: Set financial goals
Once you know your numbers you will be able to set goals for your business and start working towards them! Not sure how to get started or why to set goals for your business? Check out this blog post dedicated just to Financial Goals!
Tip #7: Put aside a percentage of each payment you receive in order to save money for tax payment
Tax payments can be large when you are an entrepreneur and when we don’t prepare for them, they can cause serious financial burdens. I always suggest to my clients to open a “savings” account for tax money. Each time you get paid, put a percentage of that money in that account so that when your tax bill comes you aren’t scrambling trying to pay it. If you end up with more in there then you need – BONUS!
These tips will help get you on the right path to knowing your numbers, feeling in control and being able to manage your business money in a much more productive and profitable manner!
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