How to Get Your Finances in Order

Getting your finances in order can be a complex subject, everyone is different with unique circumstances. What we’ll teach you here is how to look at the most troublesome snafus that most folks experience. Remember that there’s no judgment on your current or future financial health and kudos to you for seeking guidance.

Learn more below and schedule a complimentary consultation today. Ash CPA offers a variety of financial services to assist individuals and businesses in meeting their short and long term goals.

Know Yourself

Most of what makes people unsuccessful with personal finances is the lack of self-knowledge and their relationship to money.  You can read many lists on the internet about what to do, but most people won’t stick to things like a budget or savings for those reasons. Before you attempt to do anything about your finances, take a reticent look at your outlook. 

Know your Goals

If you have goals, then organizing your financial life gets easier. Make a list of goals. Is it going back to school? Opening a business or expanding the one you have? Money is needed for many goals. Consider the following questions to help you navigate.

 

• What’s my ideal lifestyle?
• What is your ideal business model?
• Am I a more materialistic person or a minimalist?
• Who else has a say in my finances and how? 
• How can I compromise with them?
• Are there goals I have separate from my business partner or family?
• How can I design a financial plan for myself and collective goals?

Create a Budget

Make sure you include daily living such as food, clothing, shelter, transportation, and entertainment. For business goals, consider minimizing your expenses and expanding sales goals.

• Take that budget and place it on one column on a sheet of paper. Then write out your goals on the other side. 
• Find out where you need to sacrifice to meet your goals without it affecting your personal and/or business obligations.

Have an Emergency Fund

Though the ideal amount would be 6 months worth of expenses including rent or mortgage. We recommend saving as much as possible. Be sure to include this in your financial goal planning. 

Set-Up Auto Transfers

Look into automation. Lots of banks have apps or programs that allow you to transfer money into a savings account. Some will round up the amount you spend on a debit card and transfer it in your savings. For instance, if you spent $1.55,  the bank will transfer $0.45 into your savings. 

Pay Off Debt

Make sure you have a plan on your goals list of paying off any outstanding debt. Start with the highest interest card. Make a plan for student loans or any large and long-standing debt. It may take a while, just make sure you schedule it. This is how we falter. Don’t start with a large amount. Consider the smallest amount you can that works in tandem with your monthly expenses. 

Learn More

Achieving your financial goals requires a customized approach. Learn more with a consultation today. Ash CPA offers a variety of accounting and bookkeeping services to help individuals and businesses. Call (617) 462-6651 or book a consultation online. New clients are always welcome.