Frigid About Finance? Thrive! TV Tips

Frigid About Finance? Thrive! TV Tips

Is finance leaving you frigid? Are you waking up at 2am wondering how you will pay the mortgage? You know you would really love to create the new business you are dreaming of but you are terrified it won’t make any money. Before you complete your business plan, take some time out to do some personal accounting instead. You need to make a safety net of cash to cover you just in case the business doesn’t take off like you thought it would. So, get your calculator out and work out how much money you need each month to cover your living expenses – your housing, food, utilities, clothes, travel, holidays etc. Then start saving! If you want to loosen up your fear around finances when you start your own business, having set aside a safety net of 8 months worth of living expenses will do that. Your Action: calculate how much you need to live on for each month start a savings plan That will help you rest easy and get back to your business...
Phobic About Finance? Thrive! TV Tips

Phobic About Finance? Thrive! TV Tips

Do your numbers scare you? Are you phobic about finance? Could you tell me how much your business earned last month, last week or even last year? If you are only looking at your business finances at tax time, you are not running a business but you are running an expensive hobby. The more we know about the numbers in the business, the more we understand about it. I know that the thought of getting out the bank statements and checking them against invoices and receipts can seem like a terrible job, but if you are to know the health of your business it is essential. Hiding away form the numbers will probably leave you feeling worse about your business than you need to. I know from the experience of my clients, that they often think their financial situation is much worse than it really is. So you need to embrace the numbers and do it frequently. Leaving it all to tax time means you are already out of date by the time you get them.   Your Action: Here are some easy steps to take to get up to date with your numbers: Block out an afternoon in your diary Gather all of your bank statements and receipts On a big piece of paper or a spreadsheet, enter all of the money that came in each month. Add that up, as that is your income. Then underneath that all of your receipts, debit card and credit card bills and put those in each month – that is your expenses. Simply take away the expenses from your income, and...
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