5 Best Techniques to Get Your Finances under Control – the Ultimate Short Guide
What could be a better time than a global recession to get your money sorted?
Staying ahead of your budget is important but you have to start from somewhere, right? You know of the ABC’s of managing your investments, of course, and sometimes it just gets a little daunting, and you tend to overlook crucial information. So, so here is the best short guide to help you to get your financing right.
Let’s get going!
1. Outsource EVERYTHING Possible to Avoid Fixed Costs
“Do what you do best, outsource the rest – PETER DRUCKER”
That’s true, the more you avoid your fixed monthly costs the more autonomous and flexible you will be to manage and control your monthly expenses. Outsourcing is the present and future of every business today. Why to hire expensive accountants and pay higher salaries, medical and life insurances, end of service benefits, air tickets, and of course regular trainings when you can outsource accounting and as well part time CFO services and get 10 times better results at a fraction of cost? Why to hire a dedicated internal auditor when you can outsource internal auditing on a bi-yearly or yearly basis? Why to hire a permanent tax accountant when you can get a tax consultant in UAE to review your tax records and file monthly/quarterly tax returns? Why to hire permanent HR staff who only searches CVs and you spend plenty of your expensive hours just to find out that the candidate does not match the requirements? Apart from saving money by outsourcing these services, why NOT avail even more discounts by outsourcing all these tasks as a bulk to a single service provider like Push Digits Chartered Accountants who can offer you bulk discounts due to economies of scales it will achieve by having bulk work from you? The key point is, outsource EVERY possible activity of your business to avoid regular fixed costs.
2. Get Ahead of Your Financial Plan
“The art if not in making money, but in keeping it”
This can be challenging but taking a look at your current financial position and managing your wealth is also important. Finance experts say that maintaining a money journal where you document everything you invest-from big money to regular coffee runs-proves to be very efficient. It gives you an idea as to where your money goes, and whether you need to avoid any expenditure.
3. Now’s the Time to Payoff That Debt
“You cannot spend your way out of recession or borrow your way out of debt”
Now that you’re ahead of your budget, maybe you can conserve enough for a vacation that you’ve been planning since long. Well, don’t remember the car you decided to buy the year before, or when you’ve gone shopping heavy? But whatever circumstances, now is the moment for all those past debts to be paid off. Take the assistance of finance experts or counselors if you start to feel a little swamped.
4. Are You Ready to Buy Some Property?
“Owning a property is a keystone of wealth”
“Who’s up for some property shopping?” is considerably an unpopular statement, but a significant one. If you’re successfully through Steps 1, 2, and 3 above you have to think about purchasing a property, or perhaps even better, you’ve already outlined one. You need to roll your socks up for either case, and apply for a mortgage loan. Banks conduct various researches to determine whether or not to extend loans to you, one of the main factors to consider is your credit rating, current financial situation, and earnings!
5. Organize Your Savings Account
“Do something TODAY that your FUTURE self will THANK you for”
Now, don’t you think it’s time to stop fantasizing about the fact that you’re too young to be retiring or leastways, anticipating your finances? Certainly, it is. The more coordinated you will be in the early phases of your job, the healthier in the glory years you’ll get off. So, this requires sorting your savings accounts out. Perhaps the most important thing you have to do is figuring out just how many saving accounts you have. And, through open government sites, keeping track of any account you have has now become remarkably simple.
Note, you should do whatever fits the circumstances. And get guidance from an advisor especially for monetary management or a qualified financial consultants like Push Digits Chartered Accountants.