Updated: Nov 8, 2020
As an entrepreneur, it may get difficult to manage every aspect of your startup at first. You only need a systematic approach to the matter. By planning out and organizing your needs, you’ll get more done in time.
1. Create a monthly budget
Every month, you will get income, however, that does not mean you should spend it all at once. For example, if you get a 4 digit income salary, you should first split it in half. One half will be for everyday necessity expenses and the other half is put away for two things: emergency fund and leisure. A small percentage of the other half of the income will be saved aside for leisure and luxury. What I mean by this is “treat yo self” cash. What do I spend “treat yo self” cash on exactly? You could spend it on anything that is not solely necessity driven like hair salon appointments, spa days, shopping, vacations, movie theatres, and the list goes on.
2. Create an emergency fund
It’s healthy to create a finance plan which accommodates rainy days. The emergency fund basically saves you from when you’re in a tight spot. In other words, the emergency fund is the butter to a really tight ring on your finger. Sometimes, things happen and you need to take that ring off. The emergency fund aka the butter will be the thing that gets you out of emergency situations. Better be safe than sorry.
3. Use a personal finance app
Personal finance apps are extremely helpful when it comes to tracking down your expenses as an individual. It’ll help you examine and take a closer look at what you spend most on. By doing this, you will have a financial log wherever you go with an easy swipe on your device