This is the time of year that should really make you think about where you stand with your finances. Taxes are getting filed, refunds are being received in the mail and for some evaporate as if into thin air. The challenge is even more compounded for the entrepreneur who has to create all the numbers, and do the accounting for what’s to be paid. Back in the day, I struggled a lot with being present for family and friends, especially when I was swamped with laying the foundations of building my business and managing a team. But everything changed for me in 2012 when I upgraded my tech skills. By 2014, my business was fully web-based, and it’s made all the difference.
That’s why I’m so passionate about sharing my “formula for freedom” with other entrepreneurs who are in the same boat, trying to scale their businesses while still having time for what really matters (check out this link from December’s newsletter). Not everyone faces the same crises, but we’re all getting older. And it’s true what they say—your physical health can seriously impact your financial health, which can cause stress and take a toll on the body. So taking care of both is crucial, no matter what life throws your way. So, let’s dive into bringing that stress level down and getting tactical with managing those finances, shall we?
Outline
Importance of Managing Financial Stress
Think about it: when you’re not feeling your best physically, it can ripple into every aspect of your life, including your finances. Medical bills, missed workdays, you name it—it all adds up. That’s why staying on top of your physical health is just as important as staying on top of your finances. When it comes to managing your finances, it’s not just about crunching numbers and paying bills. It’s about creating a plan that works for you, so you can weather any storm that comes your way. Are you still feeling overwhelmed? Then, let’s roll up our sleeves and tackle this together!
Passion for Helping Entrepreneurs
Since the start of the year, I’ve dedicated considerable time engaging with fellow entrepreneurs, both face-to-face and through our virtual Coffee & Cash Flow Mixers and doing “live” walkthroughs of setting up accounting systems. As the year progresses we’ll be adding personal finance mixers because a big part of our collective struggles is staying on top of juggling business and personal money matters while social media and other tech-driven requirements add even more to our plates and cause great overwhelm. (Learn more and get notified about the next one here).
You're Not Alone. We All need to Create More Time
When it comes to money matters, overwhelm can look like:
Feeling like things are slipping through the cracks
Paralyzed with fear about finances
Always in reaction mode when an expense pops up
Bills get paid at the last minute & get paid late
Can’t focus on the things you know will really move the income needle
So I wanted to check in on this final month of the 1st quarter and offer some relief. When your bills and e-bills come knocking, try the “Shortcut 6” method.
Introducing ... My "Shortcut 6" System
Use file folders, drawers, accordion files, to separate, then group together bills, e-bills, even screenshots into these 6 areas:
Tax Documents – since you need these now, or should at least be checking them for accuracy
Banking – to stay in the know since this is where your money is!
Debts – so we can watch the balances and interest rates
Insurances – since premiums are jumping way up and you may need to evaluate
Household Bills – has your weather been as crazy as ours??? This literally keeps the lights on
*Note: If they are e-bills, create separate digital folders in your email inbox.
Investment/Business – because business can directly reduce your tax bill
This method also helps you focus on what’s most urgent first (like debt balances and tax docs) so you can tackle things in batches and it doesn’t feel so overwhelming.
This method also gives you instant clarity –
All your debts in one place …
your insurances in one place …
the tax stuff, and so on…
Here Are Some Key Takeaways:
- My suggestion is to face the mail weekly rather than letting it accumulate over months. Choose a specific day and time, create a time block in your calendar to make it a priority.
- Establishing a weekly routine also makes it easier to include your spouse in the household money matters, especially if one person typically manages the finances.
- If single, like yours truly, where there is no spouse, make the time more enjoyable & fun by making it a social! S et a time to meet up with friends, virtually or in person and face it all together over a coffee or a cocktail!
Schedule a Coffee & Cash Flow For Your Group!
In 2024, we’re embracing the concept of “coffee and cash flow – or cocktails” to build in more community for entrepreneurs while giving practical know-how tips and strategies to help streamline accounting and the money management sides of our lives. These sessions are perfect for established groups, co-working spaces, even side hustlers on their lunch break, so if you’d like one just for your group, send us a message here and we’ll get back to you with details on how to set one up.
Hope you found this information helpful, and until next time, make it a great day especially for your money!