Each year around this time we begin the conversations around Money, how to save it and where to spend it. Saving money can be a daunting task for anyone, including me, an accountant. I want Éclat Enterprises to grow based on my hard work and my commitment to my clients. Realistically, how can I help my clients, when I am not one myself? Even though I have been practicing various money managing techniques for years, I never bothered to explain how I've done it. Through my Financial Blog post I share tips and techniques I've use, “put my money where my mouth is” and blog about my financial epiphanies. And for those who know me well… I’m pretty mouthy.
1. When it comes to managing your finances, Be realistic.
a. We all want to save, but a drastic shift in your money spending and saving habits can become a set-back. Start small and allow time for realistic saving goals.
2. Become a “paperless” person.
a. Many services provide a % discount for paperless billing. This will also protect you from a possible breach of information. This is ideal for more tech savvy persons, but not so much for others. For some the arrival of paper documents is an indicator and a reminder. Do what is best for you.
3. Make retirement contributions, savings deposits, and bill payments automatic (in this order). Pay yourself first.
a. The book, The Automatic Millionaire, by David Bach and The Forbes Personal Finance outline this format to building personal Wealth.
4. Turn hobbies into additional sources of income.
a. Small business (Éclat Enterprises)
5. Lower the cost of fixed payments (i.e. insurance) and installment /revolving debt.
6. Trim the cost of living
a. Grocery shopping on the “outside” of the store
b. Use less energy- Go energy efficient
c. Shop outside of seasons- Plan ahead and buy gifts and goods before or following the season.
7. Cut back on “luxuries”
a. Cable / Satellite Television- Consider internet channels and streaming devices. (This may require higher internet speeds, do the math) Resource
b. Cell Phone-Shared data plans- or lower current plan- shop competitors if needed.
c. Manicures/pedicures/hair stylists- Doing at home saves $?
d. No fast food for 60 days? Sit down experience once a month.
e. Bar-hop at home? Buying liquor wholesale.
Jéneen R. Perkins is a freelance accountant and consultant serving entrepreneurs, families and small businesses. She prides herself in being a Freelance Accountant, Fluent in plain English”.
"Putting My Money Where My Mouth Is" is a journal about real life experiences and answers to tough tax questions posed to Jéneen R. Perkins, Owner of Eclat Enterprises, LLC