Part three: Tackle those skeletons in the wardrobe head on
Keeping on top of your finances is neither easy nor enjoyable – even if you’re the kind of person who thrives on doing the administration and paperwork, it still takes a lot of time and effort to make sure you’re staying on top of everything.
As business owners it’s something we’re more than used to, but we don’t always have the time to spare and it can mean we allow ourselves to slip here and there. But letting it slip isn’t just dangerous from the point of view of keeping our affairs in good order, it’s dangerous because achieving the things we want to achieve in life depends on making our finances work efficiently for us.
In this series we’re looking at 10 key things to do to make sure your business and personal finances stay up to scratch, up to date and up to the task of providing the future you want.
Not looking doesn’t mean it’s not there
“The only way you will ever permanently take control of your financial life is to dig deep and fix the root problem” – Suze Orman
Who among us doesn’t have a box of financial statements cluttering up our minds, taking up cupboard space and stopping us from seeing the whole picture? Financial skeletons in the closet don’t have to be big to be an issue – it’s easy to put off clearing a credit card because we’re distracted somewhere else, but do that enough times and it becomes a habit. Once it becomes a habit, it’s not far from becoming a problem.
Financial bad habits can quickly get out of hand, so it’s important to start with a clean slate and then keep it clean as we go on. We’ve all stayed away from bank statements with the notion that if we don’t look, they’re not that bad. But we all know it doesn’t work, any more than not reading the calories on an ice cream tub makes it less fattening.
If you’re able to keep credit cards low, or clear, then do so, it’s false economy to keep paying off the minimum while the interest means you’re not getting anywhere. But even that’s better than not staying on top of things at all and being charged for it. Go paper free if you can as well, that way you know exactly where everything is when you want it, so there’s less of the fire fighting and things won’t come back to bite you.
In the same way that making your bed in the morning is a positive way to start each day, facing up to those financial chores makes sure you’re staying on top of things and you’re able to deal with any demands in a timely fashion. Apart from getting things in order, you’ll also have the relief and peace of mind to look forward to, which after all, is part of looking after yourself and your life.
Where Citywide can help
At Citywide, we provide tailored financial planning and just like a tailored suit, it begins with asking you exactly want you need and making sure what we provide fits perfectly. We’re interested in putting your finances on the right path, but first we get to know you, who you are, what motivates you, what concerns you and where you want to be. Once we understand that, we’ll work with you to map out the future you really want with complete financial peace of mind, now and for the years ahead.
Want more tips?
If you’ve enjoyed reading this part of our guide to keeping your personal and business finances in shape, you can download our full guide, ‘10 actions successful business owners take to grow their personal wealth’ today.