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November 29, 2017

6 Money Management Tips for First-Time Entrepreneurs

Forging an entrepreneurial path is more intimidating than ever before, as many households live paycheck-to-paycheck and many young adults carry large amounts of student loan debt. Effective money management is a necessity for every first-time entrepreneur.

Stay Organized

Proper organization is the backbone of successfully running a business and successfully maintaining your personal finances. Work with an accountant if possible. If not possible, make sure you track and sort your expenses as you go.

Keep an Eye on Your Credit

30% of adults have no idea what their credit score is. If you are one of them, you need to start paying attention! The funding that you can receive for your small business is most likely going to be dependent on your personal credit score, so getting it as high as possible is paramount.

Save as Much as You Can

Small expenses on a daily basis add up rapidly. We know you are probably tired of hearing how your daily latte really adds up, but there is a reason you hear about it so much—it’s true! Save wherever possible, whether it’s eliminating your $5.00 latte or negotiating down your car payment.

Do Your Homework

Regularly reading personal finance blogs or listening to podcasts is a great way to learn better ways to save money and budget for your small business. Taking in wisdom about entrepreneurial finances on a daily basis will help you to hone your skills and keep your focus in the right places.

Set Realistic Goals

Many entrepreneurs overestimate what they can get done over the course of a year and underestimate what they could do in five or ten. Set realistic short term and long term goals for your finances and your business. By crossing small goals off the list, you will keep your motivation up to reach the bigger ones.

Work with Others

Don’t be afraid to ask another entrepreneur or financial advisor for guidance. It’s hard to manage money, and working with someone else can help you to get your feet underneath you and get your small business off to a great start.

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