Tag Archive | "money management"

Ultimate Money Saving Tips and Tricks


We’d all like to save money. Nowadays, the price of living is high and many of us find ourselves left with minimal disposable income once we’ve paid for all of our bills for the month. But the good news is that there are probably plenty of ways for you to reduce your outgoings and boost the amount of disposable income you have. Of course, this is going to require a certain level of change in your day to day lifestyle for you to achieve, but generally speaking, it’s more than worth the effort. Here are a few tips and tricks that you might want to consider and try out yourself!

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The Ultimate Guide to a Great Family Finance Discussion


They say you should never talk about money, don’t they?  But we do have to sometimes – it makes the world go round, after all… Now, we’re not suggesting you discuss it with everyone – don’t worry!  Just that’s it’s important between close family and loved ones.

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8 Ways To Ensure Your Company Is Always In Good Financial Standing


When it comes to running your own business, one of the hardest things to do is ensure your company is always in good financial standing. Whilst you may not have this issue when you have been established for a number of years, businesses in their first few years of operation may find it difficult. Although it may seem difficult to do at first, there are a number of different things you can to ensure you’re on top of your finances. With that in mind, here are 8 ways to ensure your company is always in good financial standing: 

  • Set Yourself Goals And Targets

One of the best ways to ensure you’re always in good financial standing with your company is to ensure you are setting yourself financial goals and targets. Although setting goals doesn’t necessarily mean you’re going to achieve them, it will give you the motivation you need to achieve them. 

Targets can also act as a benchmark of where you want to be as a business at particular points of your timeline. They’re not only motivation but instead guidelines for how well you want to be performing. Not only that, but they’re the best way to ensure you don’t go into liquidation

For more information when it comes to setting yourself financial goals as a business, you can visit this site here. 

  • Make Sure You’re Creating A Budget

As well as setting yourself goals and targets, you need to be sure you’re putting together a budget for your business. Not only will this allow you to see exactly what you should be spending and when, but it will give you the opportunity to see where you are overspending. 

Often, when it comes to financial issues as a business, it comes down to not budgeting correctly. Whether this is due to incorrect information or a rise in costs, you can never be too careful. The best thing to do in this situation is to ensure you’re always adding a little bit of contingency money to each budget. That way, you’re more likely to underspend than you are overspend. For guidance when it comes to setting a budget for your business, you can visit this site here. 

  • Stay On Top Of Your Bills And Invoices

Although this may seem obvious, you need to ensure you’re staying on top of your bills and invoices. Once you start to get behind on paying for your suppliers and utilities, it’s hard to catch up again. If you think you’re struggling when it comes to paying for all of your bills, you may need to take the time to sit down and work out where you can easily cut costs. It won’t be easy, but it may be necessary. 

  • Ensure You Have A Separate Business Account

If you’re running a small business and you’re the sole owner, it can be tempting to run the business out of your personal current account. Whilst this may work when you first get started, as soon as your business starts to grow you need to open up a separate business account. Not only will this give you the opportunity to start building up your business’ finances, but it will mean you’re being much more conscious of how much of your business’ money you’re spending in your day-to-day life. It helps, why not pay yourself a wage each and every month? 

  • Hire An Accountant If You Need One

If you think you’re going to struggle when it comes to managing your business’ finances, you may want to consider hiring an accountant to help you out. Not only will they be able to guide you when it comes to your month-by-month finances, but they’ll also be able to help you when it comes to your end of year tax return. Whilst most people prefer to do this themselves, you will get the best possible results if you hire an accountant to assist you. For guidance when it comes to hiring an accountant for your small business, you can visit this site here. 

  • Save Money For Your End Of Year Taxes

One of the things most small business owners forget, especially in their first year of operation, is to save money for their end of year taxes. 

Although a lot of people prefer to pay them off in one big chunk at the end of the year, it is much easier to save up as you go along. Whenever you earn any money as a business, you need to subtract 20% for tax. If it helps, you may also need to consider setting up a separate account in order to save the money. 

  • Think About How You Can Earn A Passive Income

Another great way to ensure your company is always in good financial standing is to make sure you always have a form of passive income. This means thinking of a way to ensure you’re always going to be earning money, even if you’re going through a quiet period. 

Whether it’s creating an eBook or creating a course, you want it to require minimal effort from you once it has officially launched. 

  • Keep All Of Your Receipts And Financial Information Safe

Although keeping all of your receipts and financial information won’t help when it comes to earning money, it will help ensure you know exactly what is going in and out of your account at all times. Whilst you need to do this for your taxes, it’s also a great way to stay on top of everything from a personal perspective. 

  • Reevaluate Your Financial Situation At The End Of Each Month

Finally, you need to be sure you’re reevaluating your financial situation at the end of each month as this will allow you to keep a close eye on your finances. If you start to notice any huge losses, you can address them as soon as possible you possibly can. 

Are you looking for ways to ensure your business is always in good financial standing? What changes can you make? Let me know your thoughts in the comments section below.

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Money Management Advice For Stay At Home Parents


Having kids always puts a lot of financial strain on you because there is an endless list of things that you need to pay for. You’ve suddenly got to cover the cost of diapers, clothes, food and toys and to make things harder, one of you is going to have to stay at home for a while to look after the new baby. It’s so hard to manage your money as a stay at home parent because you’re already working double the hours you normally would and nobody is paying you for it. That makes it a lot harder for people to manage their money. But that doesn’t mean it’s impossible and if you know what you’re doing, you can attain financial freedom as a stay at home parent. Here are some great tips to help you out.

Protect Your Children Financially

Nobody wants to think about it but there’s always the chance that something bad could happen to you and your partner. It’s not likely but you still need to prepare for that eventuality. It’s important that you make sure that your kids are provided for in the event that something happens to you. As soon as you become a parent, you need to write a will so your kids are protected. It’s also important that you’re putting money aside each month into a savings account for their education in the future.

Allow Equal Access To Money

When one partner is earning and one is staying at home with the kids, it can lead to some resentment between the two of you. Especially if you’re keeping the money separate. The person that is at home will feel like they can’t spend any money. It’s a lot easier for both of you if you just share all of the money that you have equally and consider it both of yours rather than thinking about who is earning what.

Earn Money On The Side

Just because you can’t go out to work right now, that doesn’t mean you can’t earn some money still. Research how to make extra money online and you’ll find all sorts of things that you can do. You could fill out online surveys, start your own blog or offer freelance writing services. There are so many options for earning money from the comfort of your own home. If you can do these things in those quiet moments when the kids are asleep, you can make it a lot easier to manage your money.

Earn By Saving

You might not be able to earn a full salary but you can find ways to save on household expenses and then use some of those savings on yourself. You could find coupons to save on the weekly grocery shop or call up your service providers to haggle with them and get a better price. All of that stuff takes the pressure off your finances and makes budgeting a lot easier.

Money management for stay at home parents is always tough but it doesn’t have to be impossible if you follow these steps.  

 

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