Know Your Money Budget

Here are a few tips I would like to share with you, who I have found to be helpful in our business; I call it the B.E.T (Bills, Extra, Total) formula.

1) Create a BILLS spreadsheet (bills.xls) that lists ALL of your bills for the month. This allows you to know for sure how much money you need to make in order to pay all of your bills.

2) Then add the EXTRA category which will cover your miscellaneous items, such as lunches or morning lattes that you would like to have as a part of your weekly expenses. These are items that are NOT essentials. Use discretion here. Allow yourself some extras but dont get too crazy.

3) Now add your categories together to get the TOTAL.

Divide the total number by the number of days you plan on working in a month, and then you will have the amount of money you will need to make each day you work in order to pay your bills.

For example, if you have a total of $2000 and divide it by 20 (# of working days in the month), it would work out to be $100/per day. This is the amount you would need to make each day in order to pay your bills.

By utilizing the BET formula above, you will have a written account of the amount of money you need to bring in each day of any given month. This in turn will help you manage the cash flow for your business.

Use the BET spreadsheet as a template and if some of the bills go up or if you need to add a few more bills, you do so accordingly but you will know because you BET with your money.

Extra Saving Money Tip:
Sign up for newsletters from online sites that you purchase from an ongoing basis. For instance, I like to shop at Staples for our office supplies. I signed up for there newsletter and a few time a month; I receive special discounts and coupons directly to my email.

Teresa Morrow is owner of Key Business Partners, a virtual assistant company for the work at home mom. Before opening her VA business, Teresa managed all the administrative and online public relations for Morr Services, Inc., a floor cleaning/restoration company.

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