I think you guys know by now that I am pretty much an open book. Even if I don't want to share an embarrassing experience, I will share it for the sake of saving someone else from going through the same experience. When I first started my business, I wish I was more educated about money. When I had a 9-5, I was great with money. However, it's TOTALLY different when you are self-employed and don't make the same amount each month.
It seemed like it took me an eternity to finally get my money habits right, but I am so glad I finally got it. Here are three tips that helped me and prayerfully they can help you too!
Mindset: So what you heard this before, it's true. You have to first make the decision to get better with money. Make the decision and stick with it. The second I stopped telling myself those things like "I can't manage money because I am self-employed" or "I have to put so much into my business that I can't save." The second I stopped making excuses was when I started seeing results.
Focus: You get what you focus on, this is true too. When I started focusing on my spending and being more conscious of it, I stopped wasting so much money. If you don't know where your money is going, it's because you are not asking where it's going until it is gone. I check my bank account daily now and analyze where my money is going, apps like mint.com are so helpful with this as well.
Percentages: This is some of the best advice I have every received and I got it straight from an article I read on The Budgetnista's blog. LIVE BY PERCENTAGES. This probably saved my life LOL yes, it is that serious. I would always set these goals and say "ok, I want to save this much" and it just would never work out. When I incorporated the live by percentages rule, my life got easier. I never feel defeated like I am not allocating enough to one area, and I never feel broke as if I have allocated too much to one area. The percentages rule is really everything to an entrepreneur who does not have the same paycheck every two weeks. Read more of the article here.
If you are not great at managing your money, I guarantee you that it is probably impacting the income that you are making in your business. What is your revenue goal for your business for the next year and are you sure you have the right habits in place to reach that goal? I would love to hear about it and make sure that you are on track. Click here to sign up for your complimentary Get Into Action Session with me so that we can go over a systematic plan of action to assist you in reaching your goal.