Top 5 Tips for Money Management

top tips Nov 09, 2021

Money management is a difficult skill to master but it is one that is crucial for success in life, and in business! We won't all get it right first time, but we're here to help you know what to do when your first orders come rolling in. Here are our top 5 tips for managing your money!

1. Save, Save, Save!

Once you get your money, resist the urge to spend it immediately! Saving your money is one of the best money management habits to get into, so we recommend getting into that habit straight away! You may be able to set up a savings account with a bank, or you can make use of a piggy bank / savings jar. 

2. Re-invest your money.

When your business starts making you money, you can re-invest it back into your business so that it continues to make you money! This means buying more stock, better packaging, investing in a professional website, and more. 

3. Stay on top of everything!

At BizKidz, we love a spreadsheet! Making a spreadsheet with formulae and a nice layout can be a great way to track all the money you spend and all the money you make. Plus, learning how to make killer spreadsheets will help you in many other areas of your life! An alternative to spreadsheets would be keeping a ledger with a notebook or a document. However you track it, make sure you stay on top of everything so you know where your money is going!

4. Don't settle.

What we mean by this is be picky when buying products, packaging and materials! You don't have to settle for the first thing you see. Be clever with where you put your money and shop around a little before you purchase!

5. Ask for help!

Don't be afraid to ask for help with money! It can be hard and sometimes daunting to deal with your own finances. It's okay to ask someone to give you a hand when it comes to money management. Struggling to make your own spreadsheet? Ask someone who is really good at them to make one for you! Finding that you aren't on top of the maths? Get help from someone with experience!

 

We're excited for you to be on top of your money, and earning for yourself! Hungry for more? Check out our interview with Laura from Savvy Peacocks. She's a financial coach with her own business! You can click here to read it!

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