Dear Entrepreneur, Here Are 13 Of The Most Powerful Financial Moves You Should Know

KEY POINTS
If you are struggling to handle your finances, then you likely need to create a budget, a plan for how to spend your money each month, based on how much you typically earn and spend. A budget is your best tool to change your financial future.
KEY TAKEAWAYS
Most people need some way of seeing where their money is going each month. A budget can help you feel more in control of your finances and make it easier to save money for your goals.
Whether you’re stuck in a cycle of debt, earning too little to maintain your desired standard of living, or simply wanting to get a jump on saving for a major financial goal, such as buying a home or investing, you may need help to get on track with your objectives
Financial freedom, having enough savings, investments, and cash on hand to afford the lifestyle you want for yourself and your family, is an important goal for many people. It also means growing a nest egg that will allow you to retire or pursue any career you want, without being driven by the need to earn a certain amount each year.
- Automate your investments
When you’re saving and investing for the future, one of the best strategies is to automate your investments. With automated investments, a portion of your income is funneled away to your investment account for you, without you having to think about it
- Learn about taxes
Unemployment benefits are considered taxable income. If you haven’t set money aside, try to start. Whether you file on your own or use a tax professional, you need to know what your filing obligations might be and how your choices can affect your bottom line when it comes to money.
- Do your taxes
Figuring out how all the lines of the tax code interact is the best way to master the tax code. Once you know this you can feel confident in outsourcing to a pro if necessary. To reduce the hit to your wallet from penalties, be sure to file your return even if you’re going to owe and you can’t pay up.
- Make a budget
Most people need some way of seeing where their money is going each month. A budget can help you feel more in control of your finances and make it easier to save money for your goals.
- Use credit cards
If you are struggling to handle your finances, then you likely need to create a budget, a plan for how to spend your money each month, based on how much you typically earn and spend. A budget is your best tool to change your financial future.
- Insure for disaster
You can protect your finances by having the right amount of insurance. Common types of insurance include car insurance, renter’s or homeowner’s insurance, life insurance, and health insurance. While you may be tempted to skimp on insurance, remember that it protects you from catastrophes that can send your finances spiraling.
- Invest only in stocks
Stocks can be a valuable part of your investment portfolio. Owning stocks in different companies can help you build your savings, protect your money from inflation and taxes, and maximize income from your investments
- Reduce Monthly Bills
One of the easiest things you can do to take control of your finances is to cut your monthly expenses. While you may not be able to reduce certain fixed expenses, such as rent or a car payment, without drastically altering your lifestyle, you can reduce variable expenses, such as clothing or entertainment, by being flexible and thinking frugally.
- Build up your emergency fund
Having some extra funds available for emergencies is an essential component of your overall financial well-being, with enough cash to cover three to six months of expenses being a common recommendation. For many people, though, that can add up to an intimidating number and can discourage even the best-intentioned saver.
- Save up for inevitable expenses
If you are out of debt, work on increasing your savings. How much you should save depends on how old you are when you start. The earlier you start to save, the better for your wallet, both now and in retirement.
- Stay away from debt
One of the most expensive mistakes that you can make is to carry a lot of debt, especially high-interest credit card debt. If you want to change your financial picture and gain more financial opportunities, pay off your debt as quickly as possible
- Keep on learning
Ensure that you have the skills you need to stay competitive in the workplace. This may mean taking extra certifications or getting training through your current employer, or heading back to college for a graduate degree that qualifies you for a more stable profession.
- Find Additional Sources of Income
Financial issues sometimes stem from insufficient income as opposed to spending issues. If you are sticking to a budget, not spending money on things you don’t need, and still have challenges making ends meet, you may want to look for a higher-paying job or generate more than one source of income.
Related Content: Dear Entrepreneur, Here Are Top 8 Great TV Show You Should Watch
- January 2025 (119)
- February 2025 (191)
- March 2025 (212)
- April 2025 (193)
- May 2025 (161)
- June 2025 (157)
- July 2025 (122)
- January 2024 (238)
- February 2024 (227)
- March 2024 (190)
- April 2024 (133)
- May 2024 (157)
- June 2024 (145)
- July 2024 (136)
- August 2024 (154)
- September 2024 (212)
- October 2024 (255)
- November 2024 (196)
- December 2024 (143)
- January 2023 (182)
- February 2023 (203)
- March 2023 (322)
- April 2023 (297)
- May 2023 (267)
- June 2023 (214)
- July 2023 (212)
- August 2023 (257)
- September 2023 (237)
- October 2023 (264)
- November 2023 (286)
- December 2023 (177)
- January 2022 (293)
- February 2022 (329)
- March 2022 (358)
- April 2022 (292)
- May 2022 (271)
- June 2022 (232)
- July 2022 (278)
- August 2022 (253)
- September 2022 (246)
- October 2022 (196)
- November 2022 (232)
- December 2022 (167)
- January 2021 (182)
- February 2021 (227)
- March 2021 (325)
- April 2021 (259)
- May 2021 (285)
- June 2021 (272)
- July 2021 (277)
- August 2021 (232)
- September 2021 (271)
- October 2021 (304)
- November 2021 (364)
- December 2021 (249)
- January 2020 (272)
- February 2020 (310)
- March 2020 (390)
- April 2020 (321)
- May 2020 (335)
- June 2020 (327)
- July 2020 (333)
- August 2020 (276)
- September 2020 (214)
- October 2020 (233)
- November 2020 (242)
- December 2020 (187)
- January 2019 (251)
- February 2019 (215)
- March 2019 (283)
- April 2019 (254)
- May 2019 (269)
- June 2019 (249)
- July 2019 (335)
- August 2019 (293)
- September 2019 (306)
- October 2019 (313)
- November 2019 (362)
- December 2019 (318)
- January 2018 (291)
- February 2018 (213)
- March 2018 (275)
- April 2018 (223)
- May 2018 (235)
- June 2018 (176)
- July 2018 (256)
- August 2018 (247)
- September 2018 (255)
- October 2018 (282)
- November 2018 (282)
- December 2018 (184)
- January 2017 (183)
- February 2017 (194)
- March 2017 (207)
- April 2017 (104)
- May 2017 (169)
- June 2017 (205)
- July 2017 (189)
- August 2017 (195)
- September 2017 (186)
- October 2017 (235)
- November 2017 (253)
- December 2017 (266)
- January 2016 (164)
- February 2016 (165)
- March 2016 (189)
- April 2016 (143)
- May 2016 (245)
- June 2016 (182)
- July 2016 (271)
- August 2016 (247)
- September 2016 (233)
- October 2016 (191)
- November 2016 (243)
- December 2016 (153)
- January 2015 (1)
- February 2015 (4)
- March 2015 (164)
- April 2015 (107)
- May 2015 (116)
- June 2015 (119)
- July 2015 (145)
- August 2015 (157)
- September 2015 (186)
- October 2015 (169)
- November 2015 (173)
- December 2015 (205)
- March 2014 (2)
- March 2013 (10)
- June 2013 (1)
- March 2012 (7)
- April 2012 (15)
- May 2012 (1)
- July 2012 (1)
- August 2012 (4)
- October 2012 (2)
- November 2012 (2)
- December 2012 (1)