{"id":6725,"date":"2014-05-06T14:00:00","date_gmt":"2014-05-06T18:00:00","guid":{"rendered":"https:\/\/www.wework.com\/creator\/?p=6725"},"modified":"2020-03-30T19:07:34","modified_gmt":"2020-03-30T23:07:34","slug":"money-management","status":"publish","type":"post","link":"https:\/\/www.wework.com\/ideas\/professional-development\/money-management","title":{"rendered":"Don\u2019t drown in debt: three really simple money management tips"},"content":{"rendered":"

A big part of whether or not your startup succeeds depends on how you handle your finances early. You can either grow your precious seed money into a strong business through slow and careful spending, or dive in too deep and risk drowning in debt.<\/p>\n

A big part of making smart decisions is simply avoiding bad ones. It\u2019s hard to escape the barrage of \u201csecret\u201d tips to get rich and improve your credit, but these are most often completely worthless.<\/p>\n

While there are some wonderful, unconventional ways to improve your finances, many of these sources offer tips that could hurt you. There are no easy fixes, and shortcuts rarely come without a price.<\/p>\n

The best money management strategies are not particularly glamorous or easy, but they\u2019re reliable ways to build good credit and improve your company\u2019s finances.<\/p>\n

1.\u00a0\u00a0\u00a0<\/b>Don\u2019t overcommit<\/b><\/h3>\n

Many people find themselves in the pits of debt before they realize what\u2019s happening. But there\u2019s a simple way to avoid this: Don\u2019t take on debts that you\u2019re even slightly<\/i> unsure you\u2019ll be able to handle. Carve out exactly how you plan to pay bills, make payroll, and handle existing debts before making any new commitments. Use a loan or an interest rate calculator<\/a> to help you plan.<\/p>\n

When you do spend money, make sure you\u2019re doing it to meet real needs. Think through each investment, and learn as much as you can before signing off.<\/p>\n

Handling your funds wisely helps build good credit, which in turn increases your credit limits and gives you more room to grow. When I first started my business, my credit limit was small, but I only spent money on what was necessary. Over time, my credit limit increased, which gave me more financial flexibility.<\/p>\n

2.\u00a0\u00a0<\/b>Document everything<\/i><\/b><\/h3>\n

This is not an exaggeration! Make sure anything you buy, sell or get on credit is documented and compiled in one place. You can\u2019t be too meticulous. Good recordkeeping is the backbone of any healthy organization, and that rings true for more than just finances.<\/p>\n

There are some excellent software solutions out there to make sure nothing slips through the cracks. Mint.com<\/a> is one of my favorite tools for seeing the big picture and getting everything in one place. Use Expensify<\/a> to track your business expenses and keep them separate from personal finances, Google Drive<\/a> for sharing spreadsheets and the Check app<\/a> to remind you when bills are due so you can avoid late fees.<\/p>\n

3. \u00a0Don\u2019t let frugality cost more than it saves<\/b><\/h3>\n

It\u2019s easy to dismiss a potential expense because you\u2019re convinced it\u2019s not worth it. For anything that you think your business might need, don\u2019t let sticker shock completely derail your game plan.<\/p>\n

If you need graphic design work, but think you can save money by doing it yourself, consider whether it\u2019s really worth saving that money. Your time may be valuable somewhere else. Simplifying your schedule sometimes pays for itself.<\/p>\n

For expenses that are pivotal to your business, the cheapest option isn\u2019t always the most cost-effective. While you may think you\u2019re getting a good deal on some essential electronics, consider if those machines will meet your needs and last<\/i>. You might save money initially, but if they don\u2019t meet your standards in the long run, you might as well throw your money right in the trash.<\/p>\n

This type of long-term thinking should apply to every aspect of your finances. The decisions you make today will either bring great rewards down the line, or they\u2019ll come back to haunt you. Even if you\u2019re currently struggling with debt and bad credit, it\u2019s not too late to dig yourself out and get back on level ground. It\u2019s not easy, but nothing about starting a business is.<\/p>\n

Entrepreneurs are famous for being passionate and fearless, but they also have to be smart. Unfortunately, being financially savvy doesn\u2019t sound as sexy as being bold and risky, but it can keep you in the game and make your business stronger.<\/p>\n","protected":false},"excerpt":{"rendered":"

A big part of whether or not your startup succeeds depends on how you handle your finances early. You can either grow your precious seed money into a strong business through slow and careful spending, or dive in too deep and risk drowning in debt. A big part of making smart decisions is simply avoiding […]<\/p>\n","protected":false},"author":1171,"featured_media":6771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-6725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"\nDon\u2019t drown in debt: three really simple money management tips<\/title>\n<meta name=\"description\" content=\"A big part of whether or not your startup succeeds depends on how you handle your finances early. 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