Every Thursday, I take the time to go through my finances and make sure everything checks out. The reason Thursday is such a good day to do this is because you have all day Friday to resolve any issues you see and ask the bank any questions you had.
Then you’re free to enjoy the weekend without stressing over something you saw Friday night that can’t get handled until Monday morning. Some of the things on my list are specific to business owners, but anybody can benefit from checking these things.
- Compare invoices to cash actually received at my bank. If they don’t match, find out why.
- How much profit did the company make last week?
- How much is my cut?
- How much do I owe in taxes?
- How much is left for operating expenses?
- How much did I use on my credit cards last week? Pay them off EVERY WEEK. (I like to use a card for all my purchases to have a paper trail, stay organized, and get points and bonuses.)
- Check all accounts for fraud or unknown expenses.
- Pay the bills due next week.
- Put money in short term savings.
- Put money in long term savings.
- Put money in my retirement account.
- Go buy something fun and enjoy yourself!
It doesn’t even matter how much money you have. When I started doing this, I was only able to save maybe $10 or $20 in each account after bills were paid. Once you start paying attention to your money, you’ll be able to find places to make cuts and you might learn something about your spending habits.
Don’t be nervous if things look messy either. It’s better that you get in there and start cleaning up your finances now than to wait until you’re in trouble. So use today to make sure everything checks out!
Thanks for reading! :)
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