Forming and sticking to good financial business habits is a big part of managing your finances. Now and in the long term. For an SME, this is very important as this could be the difference between your business succeeding or failing. These are our top habits everyone should have for ultimate success.
1. Live Within Your Means
This is probably one of the most important starting points when it comes to good financial habits. There’s no point in setting financial goals and good habits until you can live beneath your means. As your savings grow, your financial situation will improve drastically.
2. Pay Yourself, You Deserve It
Another important aspect is paying yourself. You deserve it for working as hard as you do. Take a percentage or amount from your salary (that you can afford) and transfer it into a savings account. After some time, you will have accumulated quite the amount in savings. Your future self will thank you.
3. Buy Value
Look at buying the best value for your money. Sometimes, it is, however, worth spending a bit more on something you know will last a while, instead of buying something you constantly need to replace.
4. If You Have to Borrow, You Can’t Afford It
Credit is an awesome thing when you’re buying something big, like a house or a car. Very few people have that kind of money sitting around, so for those kinds of things, borrowing is acceptable. But avoiding loans, credit cards, store accounts etc, are probably the most common way to keep yourself in debt. Bad. Bad idea.
5. Save for your goals
Those goals could include saving money for your children’s education, saving money to service your car, or saving money to make a bigger success of your business, or purely to just make life easier.
This isn’t just about saving money – it’s paying cash for the kinds of major things other people may borrow money for.
6. Know where your money is going
Having an app or financial service to track your income, expenses and everything in between is important. You’ll never overspend, and you’ll know where you can save and which areas you may need to work harder at. EasyBiz has packages just for that, especially if you’re an SME. Find your perfect package here: https://easybiztech.co.za/
Now that you have some habits to implement into your day-to-day life, try to stick to these and you won’t have to worry about your financial situation again. Habits are easy to form, so managing your finances through good habits should be one of them.
Check out our blog; Tips for managing your finances here: https://easybiztech.co.za/tips-on-managing-your-finances/