You’d be losing a great deal during this pandemic and afterwards if you are not budgeting.
As entrepreneurs, managing your business amidst the on-going crisis is not entirely the most blissful times to do so. Hence the reason why you need to manage the little you get.
Mastering these skills will help keep you better informed to be able to make the right decision. You do not need to have a solid background in booking keeping or accounting to manage your finances.
Hence, the 4 budgeting skills you need to master.
Calculate your monthly expenses for the month.
In order to experience financial freedom, it’s important to track your monthly expenses. Things like your rent, electricity, groceries, and transportation.
You need to be able to know the cost of living in a month.Moreover, Including nonessential wants such as clothes or a new phone won’t cut it.
This is the first step to take, once you have been able to identify the amount of money you need each month you can be able to monitor your monthly cash flow.
Stop Eat Outs.
We’re guilty of this too. But trust me eating in would save you tons of money. Fast food is not the healthiest, it might surprise you to know how much you’re spending on fine dinings and brunch dates.
Replace your fine dining habits with making healthy homemade foods. Homemade foods are the healthiest also you can control the number of ingredients to use to suit your taste.
Tell me it’s not a win-win situation to save your self from unnecessary spending and an empty stomach.
Save the change.
You’ll need them. it’s not the wisest thing to keep those change lying around. Get a saving box and keep them you never know how much it’ll save your life!
Think of it as building an emergency reserve for when you need access to quick cash. You can choose to save these in your bank or get yourself a savings box if you need to.
Stop panic buys.
Avoid panic buys as much as you can. Only purchase if you absolutely need it. The ongoing pandemic has forced Most brands to resort to slashing their prices of products.
Seeing these cheap offers and discounts on products doesn’t mean that you should buy them. Prioritize your wants. Besides, there are so many apps these days that can help you compare prices of products.
Take your time to find the best deals for you. if you must buy it!
Take up extra Job.
You don’t need to if you feel your pay is enough to cover your expenses. If not, I highly suggest you take up extra jobs to cover up the debts you might be having.
The global pandemic has forced a lot of businesses to lay off workers and even now many companies are still suffering, so it might be a good idea to earn extra income from smaller jobs. This will minimize the impact of a layoff in-case it happens to you. Either way it doesn’t hurt to try!
You can start a blog these days you can easily make anything from $10-$5000 a month just from blogging! Can you believe it? Another option is to take up extra freelancing opportunity on Upwork or Fiverr. You can sell or upload your skills and talents in exchange for money.
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Cancel unnecessary subscriptions and membership plans.
I love free stuff and you should too. Your unnecessary Spotify premium or apple music membership plans are not that important to you if it doesn’t bring much benefit to you. trust me.
You need to be able to decide which one stays and which one goes. You can replace less important membership plans with more important ones. Best way to do this is to monitor your direct debits closely.
Besides, a more important aspect to focus on to help increase your productivity and kickstart your day during this pandemic is to Invest in your mental health. There are a lot of classes covering this to take on for free on a platform such as teachable or even Coursera.
Another thing to keep in mind is that you should never forget to get your refunds too. Remember that every single penny counts and always try to save even though it’s hard and you won’t regret it