Is your Christmas bonus fading and your debt rising? You need to take this into account.
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Being a successful entrepreneur is complicated. Not only do you need to spend a lot of time building and running your business, you also need to strike a balance between your personal work life without neglecting your personal finances. You know how to do it
s tend to focus on their company’s finances and leave personal ones out. That way, you can forget about an important payment deadline, pay unpaid fees, or ignore where your money is going. Even if your schedule is very busy with all of the things you need to do, take a few minutes each day to review the status of your finances.
Some tips that you can follow are the following.
1. Create a fund for your expenses
When you start your business, you may have months with “skinny cows”. If your salary is coming from your company’s profits, then you need to have a plan B for this scenario.
In order not to suffer for money, it is best to have an emergency fund that will help you cover your basic expenses (rent, services, food, transportation, etc.) during these months.
2. Keep accounts separate
It is important that the money accounts of the startup and the entrepreneur are separate. Even though he was the main investor; The money in each account is intended for different purposes. Absorbing all personal expenses within the company, or vice versa, only adds to the confusion of paying taxes.
Make sure you pay yourself a salary that can cover your fixed costs and something else. and don’t pay your bills with the income your business can generate. The fixed costs of your business need to be covered by the funding received or the profit it can generate. but never from your small salary.
In the event your company goes bankrupt, your personal finances are intact.
3. Check the numbers constantly
Creating a monthly budget is not enough. You should check it every week (or longer) to identify your progress or mistakes. This way you ensure that you don’t forget about the payments and the amount of cash available and that you can gauge your progress against your financial goals.
You can apply it with your company’s and your company’s finances.
4. Track your expenses
Just like your business, you need to keep track of what you spend and what you do it for, and do so with your personal money. You could use some of your money to pay for corporate items! You may discover unnecessary expenses or purchases that drain your money.
Plus, it’s the best way to keep up with your budget. You don’t have to laboriously record your expenses. Handwrite them in a special notebook, create an Excel on your computer or download an application to your phone.
Business Insider made a list of the best personal finance apps. Choose the option that best suits your lifestyle!
Just like your business, you need to keep a record of what you spend and what you do it for, including your personal money / Image: Depositphotos.com
5. Make your expenses less than your income
We all have a monthly spending limit. Some of it, if we spend, we lose the delicate balance of our money. An entrepreneur needs to know the limit of his business budget and that of his personal money.
Growing your company’s income shouldn’t be a reason for you to spend more. Always remember to keep your (and your) business expenses below the incoming amount of money. This way you will avoid debt.
7. Budget events
It might sound strange, but in order to have healthy personal finances, it is best to know our budget. Just as your company makes a budget for an event to get noticed, so do yours.
It sets a maximum amount that you can spend on meetings with friends, family, etc.
8. Don’t forget your future!
It’s far away and there are more important things to be done (or paid for) now. but still save for your future. You can do this through a bank or a pension fund manager (Afore). The National Commission of the Retirement System (Consar) has compiled a list of the best and worst afores in Mexico.
Use this calculator to find out the options and their respective returns. This will help you identify the revenues offered by various institutions. So you choose the afore that comes closest to what you are looking for.