Improve Your Finances

In this day and age of advanced technology it is easier than ever to find an app or a program that will help you stay on top of your finances. Perhaps the most important hat that you wear is that of CFO (chief financial officer) of your business. As a real estate investor you often are forced to wear many different hats. Without a good grasp of all funds coming in and going out you won’t get very far.
 

 Expenses

Understand Expenses – When is that last time you took a hard look at your expenses? Almost everyone who runs a business or a household has at least some idea of what their monthly expenses are. Start by obtaining a copy of your credit report or referencing last month’s bank statement. In addition to the payment write down the current balance owed and the proposed payoff date.

 Ways To Save

Look For Ways To Save – 10% a month may not seem like much but prorated over the course of the year could equal hundreds of dollars to your bottom line. The problem is that very few people have the time or desire to make calls and put the work in to get good deals. This is certainly worth whatever time it takes to lower your expenses.
If one of your utility bills is high you can look for ways to lower it or possibly switch companies.

 Financial Goals

Make Financial Goals – Where do you want to be financially in six months? How about in two years? Have you thought about ten years from now? You make goals for your business and personal lives so why not make goals for your finances.

 Goal Routine

Develop A Routine – Having goals is a great start but you need to accompany this with a plan of attack. From there you need to estimate when you have capital coming in and how much you are going to allocate to your bills. Ten years from now you won’t regret not going to dinner or skipping out on a vacation if you are set up financially. It is not enough to declare that you want to tackle your debts you need to map out a plan.

 Funding

Start A Rainy Day Fund – One of the things that can quickly derail your business and cause stress to your life is unexpected emergencies. This will also prevent you from having to borrow funds to take care of the issue and plunging further into debt.