Why You Need a Personal Budget And to Stick to It

About Budgeting

You say you know where your money goes and you don’t need it all written down to keep up with it? I issue you this challenge. Keep track of every penny you spend for one month and I do mean every penny.

You will be shocked at what the itty-bitty expenses add up to. Take the total you spent on just one unnecessary item for the month, multiply it by 12 for months in a year and multiply the result by 5 to represent 5 years.

That is how much you could have saved AND drawn interest on in just five years. That, my friend, is the very reason all of us need a budget.

If we can get control of the small expenses that really don’t matter to the overall scheme of our lives, we can enjoy financial success.

The little things really do count. Cutting what you spend on lunch from five dollars a day to three dollars a day on every work day in a five day work week saves $10 a week… $40 a month… $480 a year… $2400 in five years… plus interest.

See what I mean… it really IS the little things and you still eat lunch everyday AND that was only one place to save money in your daily living without doing without one thing you really need. There are a lot of places to cut expenses if you look for them.

Set some specific long term and short term goals. There are no wrong answers here. If it’s important to you, then it’s important period.

Do not write your budget the “old way”. When we make a mental budget, we usually have one flat number for something like food for instance. Look into how much you spend on a weekly/monthly basis and ask yourself if you really need that much. If you spend $200 per fortnight on food alone, you might need to ask yourself how you could cut that by a significant amount. Do you really need to go to Chipotle for lunch every day? Do you really need that Frappuccino from Starbucks every morning? You will find that you will be cutting out bad habits, and you could also be improving your health this way as well.

If you want to be able to make a down payment on a house, start a college fund for your kids, buy a sports car, take a vacation to Aruba… anything… then that is your goal and your reason to get a handle on your financial situation now.

Business Budget – 5 Steps To Start Your Business Budget On The Right Path

When it comes to starting a business, budgeting is important. According to home business magazine, 7 out of 15 business start-ups fail due to poor budgeting.

Budgeting is important because it represents a detailed analysis on how a company expects to spend cash in the near future.

To better assist you today, I have come up with some steps to follow in order to make sure that you have a nice budgeting plan.

1. You must learn to be flexible

When you are first starting a business, remember that you are new to this. You have a lot to learn. In addition, because you are new to this, your market is going to have a hard time trusting you and your brand. If your revenue does not match your expenses after one year, then I would recommend that you adjust your budget. According to home business magazine, it takes one year to determine if a budget needs to be adjusted.

2. Make conservative estimations

When you make your budgeting spreadsheet, you must make conservative estimations. I would recommend that you underestimate your revenue and you overestimate your expenses. Make sure to include your mortgage, car note, light bill, and high-speed internet bill in your expenses. Your estimations do not have to be completely correct, however you may have a better understanding on what your potential losses are.

3. Have a cash emergency fund

What I suggest for you to do is set aside a small portion of each month’s revenue that your start-up brings in and put it in a trusted savings account. Although your budget is already tight, you will be happy you did this in case there is an economic downturn.

4. Keep an eye on your budget

Go over the records of your budget every month. Budget spreadsheets do not help you if you just stick them in the drawer. Take a look at the areas in your spreadsheet where you went under and over your planned expectations on your budget. If your return was lower than the expenses, then it is time to cut some costs.

5. Show some restraint

Your budget should restrain you from spending unnecessarily. However, if something comes up, please do not ignore it because it was not a part of your original budget. Sometimes, you will need to open your budget and take advantage of precious opportunities.

Fortunately for you, there are experts who offer even more quality information on how to create a successful budget from the ground to the top.

Managing Small Business Taxes for Startups With High Profits

When your profits are high as a small business, you might feel some pride and a boost in confidence. You are doing what you want to do and you are doing it well. The only issue here is that things might get a bit more complicated. Taxes for a small business with high profits might seem unmanageable, especially if you do not know how to deal with this type of situation. Taxes for small business situations like this should go to the professionals. A small business consultant, a bookkeeper, can handle this far more effectively than you might be able to. This means better results and fewer risks moving forward.

Bookkeeping for small business taxes and profits is the smart choice when you are making a lot of money. When your profits are high for a business of your size, you should have a bookkeeper helping you. The higher the profits are, the more complicated this can get. It is sometimes more complicated than you can manage. If you try to take it on yourself, you might make mistakes or you might forget something. Any issues with your taxes could hurt your business in the end. A bookkeeper is capable of managing this with lowered risks overall.

On top of better quality results, you also have a specialist handling something that requires a large amount of time and work. Taxes for small business startups are not simple, especially when you have found a lot of success. When you have an entire business to manage and a lot of people going to you, you do not want to spend what little time you have to yourself managing the taxes. Bookkeeping for small business taxes will handle this work so that you can focus on the rest of the business. You will get the work you expect without having to put in any of the time or an effort yourself.

A small business consultant can work with your taxes and on a level just right for your business. This is a specialist in the field who focuses only on bookkeeping. You will not have to worry about difficulties with managing your taxes or issues with the quality of the work. Everything meets your standards and the expectations of the government for taxes. You can continue to work on your business while trusting that the taxes receive the care and work that they demand. It is the best solution.

One Hundred Kenya Shillings Wedding Ceremony All Planned and Finalized

While many families are weary of the huge amount of funds involved in the whole wedding affairs planning and ceremonies, there is a rare case of a planned ceremony that was exactly antagonistic and it indeed worked too.

Just recently, I was watching news on the local television channel-which I rarely do- when I saw something particularly interesting. A man was confidently explaining how he and his beloved wife settled on a barely one dollar wedding plan and brought it into reality. This was of course the cheapest ceremony I ever heard of. He said that the money was sufficient for the wedding rings they required and went on to invite the pastor over to announce them husband and wife. Of course this was bravery shown by the couple. The bridal couple also looked for simple and cheap red outfits supposedly indicating the high magnitude of love they had for one another. Just then I checked on my phone, straight to the social media, and the news of the wedding was trending with numerous and diverse reactions from people.

There was a comment that drew my attention and read, “This is Njaanuary.” In Kenya, there is a perception that January is a month of financial troubles simply because people tend to overspend in December festivities and normally there is little or no rain. Njaanuary comes from a Swahili word njaa which literally means hunger, this is associated with lack of rain and hence shortage of food supply. It also amused me when the man openly and happily said that after the wedding he and his newly wedded wife were going to enjoy ugali and sukumawiki, a popular Kenyan meal which welcomes you to most of Kenyan households. I silently pondered over the issue and saw that this wedding was based on true love and not the wedding concerns such as a multi-million wedding party with hundreds of guests in some posh hotel or grounds marked with expensive reception and colourful wedding gowns.

Of course this whole scenario was way too interesting but some people took that on a serious note. I followed the story for like two days and on the third day, I was surprised to watch the couple holding a huge honeymoon banner with an offer to an abroad honeymoon. Oh simple wedding and a great honeymoon which is the complete opposite of what happens on the other expensive “weddings” around.

I can’t help imagining how lovely it will be for the couple, and I know I’m not alone here. Budgeting is everything.