In this episode of the Financially Adjusted podcast, I share some tips & strategies for building a 6 month business savings fund—an often-overlooked lifeline for business owners. With inflation on the rise and cash flow unpredictability affecting many small businesses, having an emergency savings cushion is more crucial than ever. It’s not always an easy or quick task, but it’s such an important part of building a healthy thriving business.
Key Takeaways:
- Create Margin: Start by knowing your budget and regularly analyzing expenses to find savings opportunities.
- Think Creatively: Consider temporary revenue streams or cutting unnecessary costs to reach savings goals faster.
- Utilize High-Yield Accounts: Place your savings in high-yield accounts for better returns.
- Frequent Financial Check-ins: Monitor progress regularly to stay on track and make necessary adjustments.
- Make Sacrifices: Evaluate personal and business expenses and consider reducing them temporarily to achieve your savings goal.
Resources Mentioned:
· Budgeting podcast: Episode 2: Don’t Fudge it, Just Budget
· Savings podcast: Episode 6: Save So You Don’t Cave
Helpful Resource: Free Estimated Tax Guide
Email me with any questions you’d like answered in future Q&A episodes!
Recommended payroll software (affiliate link):
ADP
GUSTO
Recommended bank and the one I use in my business (affiliate link):
RELAY BANK
QuickBooks Online is my go-to accounting software. Get the best discount possible (30% off for 12 months) when you buy with my affiliate link below, through Complete Business Group. Message me at support@financiallyadjusted.com with any questions regarding signing up.
SIGN UP FOR QUICKBOOKS ONLINE
My favorite budgeting app w/ an amazing free version:
EVERY DOLLAR BUDGETING APP
My preferred business credit card with cash rewards (affiliate link):
If you have healthy behaviors around spending with a credit card, this is a great one to use and earn cash back. It also links up well with QuickBooks Online. If you have unhealthy spending habits with credit cards, please avoid using one! You need to be able to pay it off monthly and not carry a balance. I use this one for my business and it makes
Check out all my FREE financial resources in one place
Follow me on social media:
Facebook
Instagram
LinkedIn
Pinterest
Disclaimer: This content is for educational and informational purposes only. Please consult with an accounting professional for direct advice based on your specific business si
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!