So I have shared quite a bit with you about how to manage your finances and creating budgets. But what you really want to know is how to increase your bank balance – permanently. So here’s the one sure fire way to increase your bank balance. SAVE
Yep that’s it. How you ask? The same way you save personally. You simply set it aside. Right after you tithe your 10%, you tithe an additional percentage to your business savings account. Not the checking account – the savings account. And make sure it is an account that you don’t have easy access to. Why you ask? Because you will spend it.
This is the only way to build wealth and preserve it – by consistently setting aside monies in an account where it can work for you and grow.
Here are some five quick tips for saving for your business. And you can also apply these tips to your personal finances.
Start early. The earlier you start the more you will have later. Period.
Keep it simple. Start with a simple savings account. If stocks and investments are not your thing don’t try and jump into that space. Wait until you have done your due diligence and found a reputable company you want to keep you money with and let the financial planner or investment manager handle all of your stock transactions for you, after you have educated them on your future goals of course.
Don’t chase trends. Stick to your guns and the plan you set for the growth of your funds. Just because Susie Q down the block is doing something different that is working for her doesn’t mean you need to change your entire portfolio. Her plan is her plan and your plan is yours.
Make your savings automatic. When you have a job, you have your savings amount automatically deposited into a different bank account. One that you can’t access easily and preferably does not have a bank card attached to it. Because if you don’t have immediate access to it you are more likely not to touch it. Well it’s the same for business. Take a percentage off the top of the revenue you receive every day from clients.
Stay away from credit cards. They are nothing but the devil! If you have them already, create a plan to pay them off right away. Start with the card with the highest rate first. Just like for your personal finances, it’s very easy to rack up a lot of debt. So be very diligent in pushing away from the credit card table. It will be the best thing you do.
Sherrell T Martin’s business, Empower 2 Thrive, LLC, is a financial management and business consulting practice specializing in helping clients increase their bottom line. She strives to empower business owners and entrepreneurs to thrive financially in life and business by gaining financial control and creating wealth and legacy. Sherrell helps business owners and entrepreneurs who struggle with business and financial organization, learn how to establish systems that will allow them to create, build and maintain a financially thriving business. You can view her profile HERE.