Do you have a business?
Are you thinking of starting a business?
Do you struggle trying to make ends meet financially?
Here are five of the best MONEY SAVING tips:
Step One is to make an honest assessment of what you actually spend each month both personally and in your business. You do this by first getting organized. Set up a basic record keeping system to KEEP ALL RECORDS for all monies you spend both personally and in your business. (FREE WORKSHEET WITH MY FREE E-BOOK) at the end of the week and month total up all expenses and amounts spent in each category. Ask yourself honest self-assessment type questions: “Do I really need to spend $94 per month at Starbucks”?
Step Two is to determine what expenses are essential and what expenses are non-essential. This is the start of developing the foundation to a financial budget. Every wealthy person I have advised or advise today has a hardcore discipline of using financial budgets in every aspect of their personal and business financial life.
Step Three is to set aside between 10% and 15% of every dollar as it comes in placing it in a reserve account. You still have access to your money except in this step you set aside money first and then make ends meet with the remainder. This step alone if followed will leave you with more money each week and each month. Every wealthy person I know (myself included) lives by this principle.
Step Four is to take 100% RESPONSIBILITY for your business and personal financial security.. This means you really must define what it is you really want financially, write it down, learn the science of goal setting and take the full responsibility for your financial security. This begins the magic of goal setting to make it happen.
Step Five is to measure your progress by setting goals (using science of Goal Setting) and then measure financially how you perform in meeting your financial goals. You begin the Goal Setting with understanding goals are either a result-oriented goal or a process-oriented goal.
Using RESULTS oriented goal setting define FIRST WHAT, then HOW you accomplish the goal. If I want to have an extra $500 at the end of the month (THE WHAT) then I can define the HOW and divide that into $125 per week and make that possible by setting aside 10% of every dollar everyday and cutting my expenses by 10% everyday and at the end of the month I have $500 OR MORE that I was able to keep.