10 tips to help entrepreneurs manage their money wisely.

Money plays a big role in life and you are the only one who can decide where your money goes and how to spend it best to get the most out of it.

You don’t have to be a financial expert to manage your money. With a combination of financial guidance, you should be able to live within your means. Here are some useful tips to guide you through.

Follow your budget. For managing your day-to-day spending, always spend less than what you earn. If you want to get on top of your finances, a budget is a really good way to start. It’s a record of money you have coming in (from things like your salary or wages, pensions or benefits) and payments that you make such as your rent, mortgage or insurance as well as living expenses and regular and irregular spending. You can set a budget up using a spreadsheet on your computer or just write it all down on a diary or journal.

Be organized. Create a list of all your current bills and mark the dates they are due. Paying your bills on time will help you avoid late fees and penalty charges.

Know what you are spending on. Track all your funds and spending on a weekly or monthly basis.

Document your current money, record all income and all your expenditures. You can keep receipts from cafes, supermarkets or any other place you spend your money, this could help you find out what you spend more on, be it coffee, salon or clothes among others.

Save regularly. Put some of your money into a savings account every month. It’s worth setting up a standing order if you can, so the money goes straight to your bank account without you having to do anything. Increase the amount you save if you get a pay rise. When your savings start to grow, you should take stock and make an investment plan based on your goals.

Pay off your debt before spending money. Decide if you want to start paying off the smallest debts first or if you would rather begin with those with the highest interest rates. Either way, you control your debt payments. It is advisable to spend within your means to avoid debts.

Sometimes you can have a person guide you on how to spend, a friend or a colleague, someone to always remind you when you over spend, this tip is optional but could work well if you can’t control your spending.