If you've ever struggled with managing loans, ATO bills, superannuation, or credit card payments, then today’s episode is for you! I’m taking on the topic of debt and sharing strategies to empower you in managing and crushing your debt.
Taking a proactive approach is crucial for setting yourself up for long-term success. Here are some techniques to consider:
1. Budgeting and Cash Flow Forecasting:
Creating a budget for your business will help you stay on top of your debt obligations and allocate funds to the right places. Just remember that budgeting is not meant to restrict you, but rather guide you on how much money you have available for spending, repayments, and fixed costs.
2. Cash Flow Forecasting:
Understanding your cash flow is essential in reducing debt. By forecasting your income and expenses, you can ensure that you have sufficient funds to pay off your debt and cover the current and future expenses of your business.
3. Saving Ahead:
Create a savings buffer to cover any overdue debts or amounts. Set up a dedicated savings account to accumulate funds for taxes, GST, income, and other expenses relevant to your business. Even if you're not required to pay these yet, forming the habit of saving early builds excellent money management skills.
Challenges Along the Way:
Navigating debt management comes with its fair share of challenges. When obstacles arise, refer back to your budget and planning to identify which debts require immediate attention, which ones incur penalties, and which carry the highest interest rates. Avoid the temptation to ignore these challenges or bury your head in the sand. Inaction will only exacerbate the problem and increase your stress levels.
The Importance of Seeking Professional Support:
If you find yourself struggling with debt, there are many places you can reach out to for support; starting with your trusty bookkeeper. Be honest with where you’re at and they’ll be able to provide guidance, resources, and connections to financial planners or counselors. Don’t ever be embarrassed to ask for help, your financial advisors are here to assist you in overcoming financial hurdles and setting your business on a path to success.
Taking control of your debt is a crucial step towards securing a brighter financial future, and this episode will give you the tools you need. By implementing the strategies I shared, you’ll be well on your way to crushing your debt and regaining control over your finances.
Previous episodes mentioned:
Reviving Your Small Business Finances: Tips to Get out of the Red and into the Black
LINKS:
Join the waitlist for The Bookkeeping Matters Blueprint here
Connect with Lisa Turner:
Instagram: @accountedforyou
Website: https://accountedforyou.com.au/
Join my Numbers List for small business news and fun, helpful tips here
Grab some FREE Resources here
Check out my blog here
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
The Breakfast Club
The World's Most Dangerous Morning Show, The Breakfast Club, With DJ Envy, Jess Hilarious, And Charlamagne Tha God!
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.