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How to Start a Budget

By: SmallBizClub



When running your own business is your big passion, it’s very easy to let your private life fall into a state of disrepair. But keeping an orderly domestic situation is important to reduce stress in your professional life. It’s difficult to concentrate on the complexities of a home business when your actual home life is rife with financial insecurity. Free yourself of these worries, and you are better positioned to invest yourself fully in the business that makes you so proud.

Of course, this is easier said than done. If you’re no whiz with figures, the idea of keeping a budget probably feels pretty scary. At best, you might consider it a waste of time. But the world of business can be easily swayed by booms and busts, especially in today’s volatile political environment. Taking the time to get your own finances in order means that you can insure against hard times. Maybe you want to pay off your debts, which will make life far easier should your source of income waiver. Or maybe you want to save up for a house, which can be great security through hard times.

Making a budget means:

  • Identifying your goals
  • Listing your expenses
  • Balancing them against your income
  • Making plans based on these factors
  • Regularly reviewing your progress.

It needn’t be complicated to do, especially now that there are some great pieces of software available, such as websites and apps online, and powerful spreadsheets offline. The trick is to take it step-by-step, and to combine the figures on the page with good habits out in the real world. That means watching how you spend, finding ways to earn more when your income dips, and sticking to your plan.

This new infographic provides a simple approach to doing just that. Take a look, follow the steps it suggests, and life will actually get simpler—freeing you up to concentrate on taking your business to the next level.

Published: November 21, 2016

Source: Onstride

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SmallBizClub.com is dedicated to providing small businesses and entrepreneurs the information and resources they need to start, run, and grow their businesses. The publication was founded by successful entrepreneur and NFL Hall of Fame QB Fran Tarkenton. We bring you the most insightful thinking from industry leaders, veteran business owners, and fellow entrepreneurs. Follow us on Facebook, Twitter, and LinkedIn.

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