Money management is a big thing, especially for entrepreneurs and small business owners. Your bank, or credit union, and a budget aren’t enough. You need to know how to turn your money into more money, how to get paid even when your bank isn’t involved, and even how to keep track of what’s coming in and what’s going out.
Where are you keeping your money? Part of managing your money isn’t just about having a savings or checking account. Contact your financial institute and find out what they offer that might be able to help your stored money make more money for you. You can get IRAs and other account that help your money multiply. Know your institutes hours too, so you know when it’s best to visit or call to check on accounts and even talk about loans.
If your bank or credit union has an app, use it. You won’t always be home when money comes in or goes out and you want to make sure you are keeping track. Online banking is also useful and helps keep your spending on track. On top of that, utilizing online banking and banking apps can help you spot fraud and overdrafts quickly so you can deal with them right away and save yourself from stress and lost funds.
In this day and age not everyone gets paid by business check or direct deposit into a checking account. Some people get paid online through different payment apps. Some apps are more inferior than others, so it helps to look into what they offer. If you simply want to get paid and transfer money to your bank account, there are many choices. If you want more, you’ll want something like PayPal. PayPal offers a debit card so you can have instant access to your money and many websites have PayPal payment systems set up so you can easily shop online.
Budgeting and Paperwork
If budgeting is difficult for you, you can download a budgeting app that is easy to use and can help save your paper. If apps aren’t your thing, you can simply start a Google Sheet or an Excel Spreadsheet to track the money you have coming in and going out. For someone that is self-employed, this is also a great way to make tax time easier because you’ll already have a document with your income (in case you don’t get pay stubs) and your expenses (just keep your receipts too).
Budgeting and tracking payments and bills can be annoying and tedious, but it is necessary. Having something in an app or saved online or on your computer (make sure you make backups) can make it easier to do something you have to do.