One of the core essentials to a successful business is its’ financial management.

As important, is treating your personal finances seriously … like a business.

Do you keep a budget? If not, how do you know what do you spend your money on each month?

A good way to start compiling a budget is by making a list of all items that you spend your money on e.g. insurance, bond/rent, groceries, electricity, telephone. Then put an estimated or actual figure down for each item. Also list details of your monthly income.

It may be a revelation to see where all your money actually goes!

If you’re not sure about the accuracy of your estimated monthly figures e.g. for entertainment or groceries, it may be worthwhile recording your actual expenses during the month to get a more realistic idea.

Many books on wealth creation suggest saving at least 10% of your income. Are you doing this? Make sure, if you haven’t already, that you budget for savings! It is recommended that you should "pay yourself first" by arranging a stop order or immediate payment into your savings account at the beginning of each month. Don’t wait until the end of the month to see what is left … you’ll always find something to spend those last Rands on!

Good budgeting & wise saving are keys to a prosperous financial future.

© Reproduced with kind permission from SYNERGISE. Email info@synergise.co.za.

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