Our business and personal lives are so closely connect that, sometimes, we find ourselves neglecting one while we focus on the other. One area in which we cannot afford to be doing this is our finances. Staying on top of our finances in our personal lives can have a really positive impact on our business lives. Earlier this month, Ryan Porter shared five tips to help you get financially fit this year:
- Have Goals
What is it that you’re working towards? A new car, a trip overseas or even starting a business could be on the cards for you. You can have as many goals as you desire and they can be as big or small as you like but you must have goals.
Having a target that you’re aiming for means that you can track your progress easier and, when things get tough, you can visualise what you’re putting in the hard work for! Get specific about your goals by writing down an exact dollar amount, a time frame and a few immediate steps you can take to get started! Make it as easy and clear for yourself as possible.
- Know Your Numbers
When it comes to budgeting, you need to know what you’re starting from so you can be realistic in moving toward your goals. Do you know what’s coming in and out of your account every month? What happens with the money that’s left over after your everyday expenses? Finding answers to these questions and setting up solutions and a purpose for every single dollar will set you on the right track.
- Automate Things
Many of us still shuffle our money around ourselves but with online banking, automating your money is a huge possibility and a great tool for saving. It’s tempting to look at our money as it grows, but by setting up payments for bills, savings etc, there is no need for us to keep looking and be tempted to spend that money all in one go. Create a new bank account specifically for one of your new goals and set up automatic transfers into the account for every time you get paid.
- Monitor and Review
Find a way to track your goals throughout the year – perhaps what you’re doing isn’t working for you and you need to adjust; maybe you’re going really well and can increase your saving!
Find someone to keep you accountable; whether it’s an advisor, partner, friend, family member or even an app, having someone to check in on you throughout the year and give you the motivation when you’re not keeping on track.
The first step is always the hardest – but once you’ve taken it, the other steps will follow naturally. As soon as you’ve set your goals, take immediate action towards that goal, never procrastinate and start the way you intend to continue.
If you’re on top of your finances in your personal life, it can only benefit you in your business life. Start setting your financial goals now and get started – don’t let another year go by without being in control of your money.