Why You Need to Budget: Leveraging Budgeting as an Entrepreneur
When starting your business you have enough reasons for entrepreneurial budgeting.
Whatever you’re trying to do you might have to invest in education, promotional material or advertising.
There’s so much to do as an entrepreneur, so leveraging your time and managing your money.
The main reason why you need to budget as an entrepreneur is to be able to have enough money to invest in the tools and habits that will help your business and yourself grow.
As a blogger, at first, I thought that I had to be a perfect writer, but little did I know that I had to learn many more things for blog optimization.
Not only that but as my blog started growing, I had to invest in software for business automation.
Then my boyfriend started his Youtube channel, and I had to manage his social media.
Bottom line, we didn’t have enough time and got to a point where we needed to start budgeting our money as entrepreneurs.
Being a Blogger it’s no easy task, you need a foundation, a source of information where you’re learning and applying the same principle that successful bloggers are already doing.
As my blog started growing, I needed to get more tools to automize my business and have more time to learn the stuff I needed to learn.
Money Needs to be your BFF
We need money to take care of our family, help ourselves, money is always going to be in our lives and to have a good relationship with money, we wanna take care of our money.
Sometimes, if you made mistakes in the past, you may not want to even talk about money.
You may even try to avoid it cause it brings up bad memories. If you want to know how to make money your BFF keep reading.
Every day your growing and you’re becoming a better person and the best way to do that is by taking better care of your finances, just like any other relationship it takes time, effort and the desire to want to change, understand why you want a better relationship with money.
Show gratitude for the money you have, pay your bills and go over your bills why did you spend your money on was it a need or a want?
write it down and after paying your bills, do yourself a favour a shred them.
You don’t need them anymore, it gave you what you need it but it no longer serves you so you don’t need that clutter.
Tracking Your Finances
Do a financial check-in, make sure you have money in your savings, do you have enough? do you need to transfer money to your checking account?
This doesn’t have to take a long time, you can do this in 10 to 15 minutes.
In the beginning, it may seem a little weird or awkward showing forgiveness and gratitude but the more that you do it, the more that it becomes a money habit.
This is what a money meeting is, money likes attention, is recreating a new habit to get along with your money, to enjoy it, to be ok and to be present because when you’re OK with money.
The money will be ok with you.
You can have a profitable business but if you can’t track and manage tour money right you will never have enough money.
Change Your money, mindset
Stop focusing on what you don’t have, what you don’t need or what money isn’t doing for you, you will never have more.
Those thoughts aren’t yours, they came from your environment and they no longer serve you, Show gratitude, be happy and joyful with the money that you have!
You need to tell yourself that you deserve more money, that you’re ok being wealthy and rich.
Sometimes that may be hard to believe when you’re not on good terms with money.
Maybe you’re struggling a little bit, but it can always be worst and that when gratitude kicks in.
It was really hard to for me to say” I’m grateful for the $100 I have in my bank account” but when I did that I started to understand that I deserve to be prosperous and it became easier to start focusing on that and believe that I’m worthy of those things.
Set Money Goals
Learning to manage your money and having a good relationship with money should really come first.
I would be wasting my time and your time telling you that you only need the basics to start a profitable business, but if you want to build wealth, this should be the first step before launching your business.
When we have jobs, we don’t really have money goals, but this can also be a mistake.
Start with at least four or five money goals, the first one should be your big goal, your lifestyle, how you live, how you dress, your attitude, behaviour, who you surround yourself with.
Have a big lifestyle goal if you’re ok where you are challenging yourself and try to go one step above where you are right now.
The second goal should be a saving goal, even if you’re never saved money before, save at least $10 dollars.
Seeing that accumulation of money, knowing that you can accumulate wealth will help you understand what you’re capable of.
Lastly, If you have debt, have a debt payout goal. Know when it needs to be out of your life, and start small don’t try to pay it all off. See what that debt is and how much do you have
Sometimes we make things so complicated and we get so overwhelmed and do nothing, take small steps, educate yourself about money, figure out why you spend it and where you spend it.
Give it 24 hrs to spend your money, don’t call it a budget call it plans. Monitor where you spending your money, doing nothing will keep you in the same financial position.
Believe that you deserve it believe that you can have it, believe that you’re good with money. Pep talk yourself.
Forgive yourself, be easy on yourself, show yourself a little bit of mercy Why? cause your changing you’re reading this article you’re becoming a better person.
Don’t think that the small things don’t count because they do, practice gratitude.
Focus on the positive and positive will come. Commit to your financial self-care always be moving and educate yourself learn how to create a budget for yourself, or should I say “Make plans with your money”
Let me know in the section below if you think that educating yourself financially is important for your business?