Track Your Spending

It is so important to track and manage your expenses.

Doing so keeps you up-to-date on the financial wellness of your business and in relation to your budget.

Here are some best practices to keep your spending in check:

Set a monthly Budget: Create a realistic budget by categorizing expenses (telephone, electricity, stationery, computer hardware, subscriptions, etc.) and set limits. This helps in reducing impulse purchasing.

Set Saving Goals: Be mindful to allocate funds towards growth initiatives.

Categorize Expenses: Separate your expenses into categories to track where your money goes. This makes it easier to prioritize essential spending over items that you do not readily need.

Regularly Review Your Spending: Weekly or monthly reviews give insights into spending patterns. This is a great way to spot overspending and it acts as a trigger to move to adjust accordingly.

Save Receipts and Record Cash Transactions: Save digital and hard copy receipts and keep a running record of them. This ensures that cash expenses are accounted for, and you're left with a complete expense picture.

Remember, small, consistent steps in managing your expenses would lead to bigger financial gains over time!

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