If you need to get your personal finances under control, this is step one…
It’s really easy to get so caught up in the finances of your business that your personal finances get sidelined. You ignore your budget (if you even have one), you aren’t tracking your spending & are probably forking over overdraft fees & paying for subscriptions you forgot about.
We totally understand what it’s like, so no shame whatsoever, but it’s definitely time to get things reined in. After all, business & personal are so intertwined that if one goes off the rails, the other isn't far behind. Things don’t get out of hand overnight & you shouldn’t expect to fix it overnight. Let’s take some baby steps to get a basic grasp on what’s going on. It’s not hard, but it is a little scary, so let’s walk through the first big step.
Get all your bills together & make a list, spreadsheet, stone tablet, whatever of every bill you pay every month. We are leaving out shopping, vacations, eating out, etc for now. Include stuff like club dues, subscriptions, groceries, fuel, kid’s lessons & things that may be due on a random schedule.
You’re probably reasonably okay at this point, but you might want to sit down for the next one: subtract that number from your income. How does that number compare to what you actually have left at the end of the month?
Yikes, right?
Read this next part knowing that I have to give MYSELF this speech from time to time, so I get it… Every last one of us mindlessly spends money on shit we do not need. A late night click on Amazon, that damn area where you wait to checkout at TJMaxx, a new flavor of chips at the grocery store. It all adds up, and quickly. You HAVE TO get more conscious of those little expenditures. It’s not “just five bucks”--it’s your emergency fund, your summer vacation, your rainy day money–going out the door. A splurge now is necessary for a balanced life. But your long term financial well being relies on your ability to keep those expenditures under control. Take a month or two practicing being more conscious about impulse buying. Check in and see the difference you can make in your bank account. We believe in your ability to make a positive change in your financial health.
