Five Ways to Effectively Manage Your Finances 82

Five Ways to Effectively Manage Your Finances

This article was written by Arpita Arya.

People often find it very difficult to stay on top of their finances. But managing your funds wisely and efficiently means not just saving money, but it also helps you keep resources, effort and even time.

You find that hard to believe? If you get resolved to that idea, then you just might be right. But wait a minute. Try to see things from a broader perspective and think about every aspect of your life.

How much money do you earn? How much do you spend? Do you effectively use your resources at your disposal? Do you have things lying around the house?

These are just some of the few questions that can help you reconsider the path that you need to take to stay financially healthy. If you are an employee and earn your income based on a regular salary, then it would be wise to take advantage of your company’s employee financial wellness programs.

Such programs are designed to help you stay on top of your finances by providing you with the best advice to stay financially healthy.

1. Plan ahead.

This is not about New Year’s resolutions or simple start-up light bulb moments. Seriously, planning is the best way to manage your finances. But while not everyone has the patience of foresight, it pays to know how you distribute your resources.

Start by making a checklist of things you do on a weekly or monthly basis. Allot a specified period for each general activity and what you plan to do in your spare time. Take note that many of these activities may entail some spending like planning a vacation, eating out or pampering yourself.

It may seem a bit daunting at first, but you will soon find it easy to do and help you keep track of where your money goes.

2. Create a budget.

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Having a budget allows you keep tabs on your money. This is a more tedious process of breaking down your resources versus costs.

When you do your planning activities, make sure that you allocate a particular budget for it.

3. Spend smart.

Always be practical about spending. Do not fall prey to elaborate and attractive advertising.  Take advantage of discount sales or price-off offers. These extravaganzas can help you save money of around 10% to as much as 50%- even higher. 

Be prudent with your spending. If you need to do your groceries, make sure that you have a list of all the things you need.  Without it, you can end up buying stuff you don’t need or food that will just stay in the fridge that gets spoiled and thrown out.

4. Pay off your loans.

This may be the hardest one yet, but remember that the more you ignore it, the more it will grow on you. It can damage your credit standing or worse; you could end up in debtor’s prison.

Reach out to the loan facility and try to offer an installment scheme that you feel you may be able to manage.  It may cause you to give up on some of your other recreational or “feel good” spending. It pays a lot to free yourself from the stress and burden of unpaid loans.

5. Do not spend what you don’t have.

Always be mindful of your spending. Make it a rule to think twice about purchasing things on credit.

Due diligence on spending is always critical and crucial to maintaining good financial health. Use credit only as an alternative resource for your needs and do not make it a primary source of your regular spending activities.

Consider that money you do not have available is money that you need to find. If it isn’t included in your planning and budget, lay it down and consider it in the future. Do not take it out on a whim.

These tips may seem a bit difficult at first, but once you start working on it, you will eventually develop a habit of doing it regularly until it becomes second nature to you.

Always remember that to become financially healthy, you need to make the right choices in spending and saving money. You need to start somewhere, so start on doing these steps to tread the path to financial wellness.

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How Co-Working Spaces Can Be a Great Benefit for Entrepreneurs 4

How Co-Working Spaces Can Be a Great Benefit for Entrepreneurs

It seems like co-working spaces are becoming a huge thing. More and more entrepreneurs out there decide to ditch their traditional office and take their business to a co-working space.

And if you’re running your own business, chances are you’re already aware of some of the benefits co-working spaces bring. However, here, you’ll find a few more reasons why joining a co-working space makes a lot of sense.

12 Benefits of Co-Working Spaces

1. Low startup cost

If you’re just starting out, you’re probably looking for premises that won’t drain your budget. By moving to a co-working space, you’ll eliminate the costs of fire insurance, office equipment and various similar expenses.

Not only that this will help you save money, but less time and energy will be needed for sourcing things like this.

2. Increased flexibility

Another great reason to opt for a co-working space is increased flexibility.

This means that the more your business keeps growing, the easier it will be for you to expand your office space. Most of the experts who are running co-working spaces will allow you to tailor your contract according to how well you’re doing.

3. Less risk

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When moving into a traditional office, there’s always a chance you’ll lose the money you’ve invested in it if your business fails. And selling all the office equipment and furniture isn’t always going to be easy. But if you take your business to a co-working space, you won’t have to worry about risks like this.

4. Short setup time

One of the biggest problems small businesses face when moving into a traditional office is the long setup time.

For small businesses, time is an important asset and the last thing you want is to lose money while moving. Luckily, with co-working spaces, not too much time is needed in order to get everything in the right place.

5. Fast internet

Modern-day businesses in just any industry need internet and they need it to be fast. This is probably the case with your business as well and fast internet is another reason to join a co-working space. And even if there’s something wrong with the connection, you won’t be the one having to deal with the issue.

6. Collaborative atmosphere

Some people would have you believe that having people from other companies around your team makes them less productive. But the truth is, it’s easier to perform when you know there are other teams doing the same right next to you.

Another important thing to mention is that too much familiarity traditional offices offer makes your employees less productive.

7. More opportunities for networking

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When running your own small business, you’ll have to put some extra effort into meeting as many businesspeople as possible. The more of them you meet, the better. If you decide to move into a co-working space, you’ll have all the networking opportunities you need.

8. Easier to get

Let’s face it, finding a perfect traditional office for your business is difficult. What’s even more difficult is actually obtaining that office.

With co-working spaces, you won’t have to worry about things like this. This is the case because there are plenty of these out there you’ll be able to choose from.

9. More flexible access

Most co-working spaces out there are run by its landlord and the building management. What this means is that your employees will be able to work whenever necessary, since the office will be open even during Sundays and public holidays.

Also, when working on a big project, your employees will be able to access the office 24/7.

10. Better design action guides

Another issue many entrepreneurs face is designing their office. Not only that this can take money, but it also requires a lot of effort.

However, with most co-working spaces out there, what you’re going to get is a beautiful office you can move into. This means your new office might be equipped with things like a green wall and comfy furniture.

11. Premium brand imagery

In the business world, it’s very important that you give your brand a boost by using premium facilities. In fact, this is something that’ll help your business obtain more loyal brand followers. When working in a co-working space, you’ll be provided with all the nice-looking facilities your brand needs.

12. Happy hours

No matter how many employees you have, they’ll want to be surrounded by people they consider friends. If you join a co-working space, there will be plenty of opportunities for your employees to hang out with other people from the building. This translates to more drinks after work and more motivated employees.

Co-working spaces really are the way to have it all without having to break the bank. So, no matter if you’re moving from your garage or a traditional office, you’ll definitely want to think about joining one of these. Luckily, more and more co-working spaces are popping up all over the world.


This is a guest post by Derek Lotts.

It seems like co-working spaces are becoming a huge thing. More and more entrepreneurs out there decide to ditch their traditional office and take their business to a co-working space.  And if you’re running your own business, chances are you’re already aware of some of the benefits co-working spaces bring. However, here, you’ll find a few more reasons why joining a co-working space makes a lot of sense.