Personal Finance Tips for the Busy Business Owner

Running a business is stressful, particularly if it?s a start-up in its first two years. Getting both your business and personal financial situations in order can be a bit of a balancing act, but is not impossible if you know what to do.

Here are a few tips for small business owners:?

Don?t mix business with personal?

The golden rule of finance is not to combine your personal bank account with your business bank account. This will make filing your tax return much easier and avoid further financial confusion in the long run. If you must, it?s always better to make personal purchases on your business card ? within reason, of course ? because it will help build your business credit. Just make sure you don?t go overboard and ruin your credit rating altogether. There is sensibility in moderation, after all.?

Do you really need to buy that??

Whether for business or personal reasons, it pays to be frugal and to think twice about your purchases. If it?s not essential to your life or your business, do you really need to purchase it? Unless you?re sure you can afford and need it, it?s best to keep superfluous purchases to a minimum.?

Seek professional help?

Running a business is difficult, and no one expects you to be able to do everything by yourself. Doing your taxes and getting it in on time can be stressful, and something you may not have time for. This is when it?s a good time to let someone else step in ? hire an accountant. An accountant would be not only be helpful during tax time, but during any financial situation in which you need help or advice.?

In case of emergencies??

It?s always a good idea to have an amount of money set away for emergencies. Set up a separate account at your bank, and start putting away a small amount each month. Don?t touch the money until you desperately need it; this could be for when things don?t go to plan and you?re stuck in a financial rut, or if you?re struck with an unexpected medical emergency.?

Save for retirement?

It may be difficult to be thinking of the future when the present is much more pressing, but putting a little bit of money into a retirement fund will have you thanking yourself in the future.?

Say no to debt?

And finally, pay off any loans or credit card debt as soon as possible. Not only will this keep your credit score up, but it?s also just a good habit to get into so you don?t run into trouble with banks or your business later on.

It can be hard sometimes to balance your personal finance with business finance, but if you keep your paperwork and receipts in order, and keep on top of bills and debt, the balancing act will become easier. Just keep going ? you?ll be swimming in money before you know it!

Marcus Smith is a freelance writer based in NSW. He writes about anything ranging from celebrity gossip to business finance.

Source: http://www.mydebtsite.com/2012/12/personal-finance-tips-for-busy-business.html

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