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Spreadsheets To Help Manage Money

Spreadsheets To Help Manage Money– How to manage your money: 21 tips that will help you have a healthy financial life

Financial stability is a dream of many people, whether they are entrepreneurs or not. But faced with such an unpredictable economy, we know that it is increasingly difficult to plan expenses and save enough to build a wealth, mainly for those who intend to start their own business.

In this post, we share 21 simple tips dedicated to those who wish to have a healthier financial life, even without having a very high budget.

If you adopt at least one of the habits to follow, you will see that, over time, your money will yield more and you can invest in the activities that you like the most.

But to get ahead: from now on the spreadsheets and calculators will be your best friends.

Spreadsheets To Help Manage Money

Spreadsheets To Help Manage Money

1. Write down your fixed expenses
Fixed expenses are those we pay every month, such as rent, water, electricity, telephone, internet, etc. It is important to highlight that you must include taxes in the list … that you will not forget!
Having a record of fixed expenses is important to know how much of the family income is left over every month to invest, save or even allocate to rest and leisure.
Likewise, and if you are an entrepreneur, you must also have control over the fixed expenses of your business, such as rent and production costs.
There are several ways to perform this control, but we recommend keeping a spreadsheet in Google Drive or Excel, since in addition to saving, which does not run the risk of losing them, the tool already calculates the expenses and subtract from your salary / benefit.
2. Separate at least 10% of your income every month
Before paying the fixed expenses, try to reserve at least 10% of your income to invest. If you earn a fixed monthly salary, then that means you have to separate it from it, and if you work as a self-employed person, that percentage is separated from all your earnings for the month.
The objective here is not only to save money for a period of time until spending it on something superfluous, but to apply that value so that it can yield interest and become a patrimony in the future.
At the beginning it can be difficult to “abandon” that 10%, but if you focus on the long-term result and manage to adapt your lifestyle without making great sacrifices, in less than a year you will begin to see the first results.

3. Keep your personal expenses separate from your business expenses
This suggestion is valid for those who already have an enterprise or intend to start one. Many small and medium entrepreneurs still have difficulty separating personal expenses from business expenses, which can lead not only to losses, but even to bankruptcy.

This practice is bad because you can not know if your business is making a profit, after all, you are always taking cash out of the box. The lack of capital also prevents you from promoting process improvements and better dissemination, which restricts the reach of your brand.

And finally, mixing personal accounts with business accounts can give a false impression of “wealth” and motivate you to spend more than you can at that moment.

Therefore, we recommend that you have two separate accounts if you are an entrepreneur. The good news is that you can use the legal entity associated with the account to contract corporate plans for your company, such as health, food, etc., which also help when it comes to saving money.

4. Try as much as possible not to ask for financing
Financing is a danger for the small and medium business, as they represent a long term commitment and high interest.

We know that it is not always possible to avoid them, because they are useful to attract resources in the initial phase of the project. But whenever you need to ask for a financing, keep in mind that the terms are lower, besides studying the conditions stipulated by financial institutions in order to choose the lowest interest rate.

Remember that the financing must also be included in your fixed expenses sheet during the entire term of the contract.

5. Amortize your debts as soon as possible
If you have already obtained a loan in your name, think about paying more installments simultaneously to reduce the duration of the contract and, of course, the interest.

But beware, we are not saying that you must adjust to get rid of your debts faster. The ideal is to use money that is “left over” to advance the fees, that is, nothing to move in the fixed costs or cash flow of your business.

An example of money that can be reserved to cushion debts is a payment for an autonomous job you have done, for example.

6. Do studies about investments
Investing is a way to make sure you do not spend your money on something superfluous. But when we use the word “investment,” it may seem that we are talking about something that requires a lot of prior knowledge.

Do you think that way too? Well, it’s exactly the opposite!

Everyone can invest, from the most conservative profile to the most audacious. That is why we recommend you to study the different types of investments available in your country and economy. Only then can you choose the one that best suits your profile. Also, talk to people who are well informed about the investment before making your decision.

Savings accounts

Savings accounts are successful everywhere, because they are easy to open and quite safe. Savings, in most countries, have the lowest risk of any other type of investment, but they also have the lowest yield potential.

That is why it is recommended to make cash deposits in a savings account to conservative investors, with a lower tolerance for risk.

Investment funds
Mutual funds raise money from different investors and then invest it in a variety of stocks, bonds and other investments. This type of investment is suitable for those people who can invest thinking in the long term.

Actions

Unlike the previous options, the stock market is recommended to those investors with a bolder profile. Shares can fluctuate greatly during the period when the market is open, which is why it is a model that carries risk. A deeper understanding of how companies are functioning and continuous monitoring of the stock market are crucial.

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