Planning The Year As An Entrepreneur.

Welcome to the second quarter of the year. How is the year so far?

This is the time of the year, when everyone has developed a goal, a plan, a dream and a vision, for the year, which is so wonderful.

But, because no one knows for sure what tomorrow will bring, you need to do everything you can to improve your ability to plan for the future while being prepared to handle any curveballs that get thrown your way.

Whether it’s preparing for big life milestones, such as starting a family, or navigating through difficult periods, when you face financial setbacks, such as no rent, car repairs, losing your job or poor health.

While you can’t predict most of these events, having a ‘plan B’ can take the worry off you.

Future-proofing your finances can help you feel more secure about what lies ahead, in this new year.

One of the effective ways to do so is by taking control of your money; from tracking spending to paying off debts and managing bills. 

I have designed some brief points to consider this year while taking the steps for financial management and wealth creation.

1. *Take stock of where you’re at right now financially*:

It’s time to take a deep dive into your financial status by assessing what’s coming in and going out. 

Most people saw a major impact to their incomes and finances because they were just spending and not taking stock. 

Sort your needs from your wants. What are the real essentials, and what can wait until later? Doing this will help create a realistic budget to help you move forward.

2. *Build up your Savings/Investments:*

It’s a good idea to have enough in a rainy-day fund to cover your household expenses for at least three to six months. 

starting the culture of saving early on,  in your business or career is the best way to ensure you’ll have sufficient funds to support your lifestyle in retirement or financial journey. 

3. *Don’t let debts pile up:*

It’s often better to clear any outstanding debts before you try to save.

Most people have some form of debt and that’s okay, but don’t let them get out of hand. Treat saving/Investing as another bill that has to be paid, rather than an optional extra.

A day will come when you’ll leave the workforce — either by choice or by necessity. When that day arrives, you may find you’ll have to rely on your own savings to keep up with your day-to-day living expenses. 

Make the smart choice to start saving & investing now.