Personal budgets and finances are not the most preferred topics for most people, and certainly not one of my own. Even bank managers have problems in this area, but if you’re an entrepreneur, you too. You’re focusing so much on your business, the personal checkbook goes into the background. Then one day you come to mind the surprising fact that you’re not saving enough for lean periods and you panic.
Well, apply your professional talents to the situation and become your personal CFO. Using your CFO eyes on the situation, somehow temper the pain of dealing with your money. To get started, here are 5 rules for treating your personal finances as an activity:
Be your board of directors. To make the right decisions, you need to know what you’re trying to achieve. In business, the Board of Directors writes mission statements to keep the company in line with its objectives. At home, it’s up to you to define your mission and make sure you realize it by writing your goals. Not just your financial goals, but your “life” goals.
Know your operating costs. Do you know what you spend on average every month? Companies do why they base their budgets on historical spending patterns. Most people, however, do not know how much it costs to keep their lives alive. You can set up detailed budgets, but at the end of the month, find out that you did not stay. So instead of making a budget that dictates how much to spend, make a “financial statement” that records how much you spend every month divided into several categories.
Know your net worth. Companies measure progress towards goals through financial statements that list their assets and liabilities. Your net worth is your budget in which you will list everything you own. This means that your checking and savings accounts, investments, cars, home, etc. Less all you need. Keep track of your quarterly net worth to make sure you go towards your personal goals. Without this step, you may not see the impact of your decisions on money until it is too late.
Results of money forecast decisions. When a business makes important decisions, it uses a process called “scenario planning”. They look at the possible results of a choice compared to another. You can use the same procedure to make smart money decisions. For any choice, choose two options, and then look at what each answer would do to your cash flow and equity. Remember, there are no “good” or “bad” choices, only choices that bring you closer to or away from your goals.
Monitor progress with annual reports. Just as companies evaluate their progress in their annual reports, it is necessary to review the list of priorities every year. Have you reached any goals? Have your spending patterns changed? Have you spent less than you earned? Did you save everything you planned?
You have to treat your money as you treat your business. Give it the time it deserves, because in the end the time you spend is really an investment in yourself and in your dreams.
ما هى VAPULUS ؟
VAPULUS هي وسيلة دفع وتسويق عن طريق الهاتف وأقوى مزوّد حلول مدفوعات في الشرق الأوسط و جنوب افريقيا،
تقوم بتزويد الخدمة لكلا من رواد الأعمال والأفراد واضعين نصب أعيننا توفير
تجربة دفع رائعة للتاجر المصحوبة بمميزات التسويق الرقمي والتحليلات، حيث تتنوع وسائل الدفع الرقمي،
فإن نظام التشغيل يقبل بطاقات الصراف الآلي وبطاقات الإئتمان و المحافظ الرقمية علي حدٍ سواء،
مما يتيح الفرصة لتوفير خدماتنا لفئة الغير متعاملين مع البنوك بحرية.
تطبيق VAPULUS عبر الهاتف يمنح مستخدميه إمكانية الشراء عبر الانترنت والشراء من داخل المحال التجارية
ودفع فواتيرهم بالطريقة المفضلة لديهم من خلال الهاتف أو الجهاز اللوحي أو الحاسب الشخصي.