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Don’t Let Managing Expenses Get Frustrating

By July 6, 2021July 17th, 2021Blog, Cash Management, Profit First

Recurring Complaints

Whether it’s one of you reaching out to me or me reaching out to you, I hear the same complaint all the time. It is by far the most common complaint and frustration business owners report to me. They want to vent about how frustrating it is to deal with their finances. And they want to know if there is anything they can do to make it better.

Have You Tried Not Letting It Frustrate you?

I know, I know. That sounds like the kind of condescending, sarcastic, and worst of all, useless advice you’d expect from a trust fund kid who’s never worked a day in his life. But I’m not trying to give you some “you can just choose happiness” mystic mambo-jumbo. Your feelings are real, but more importantly, I’m not a shrink; I’m an accountant. What I want to know is what steps you have taken to make the process less frustrating?

Keep It Small

If you’ve been following Profit First for a while, you know we love to keep things small. By setting things up so you have multiple small projects instead of a bunch of massive headaches, you can make keeping track of everything more manageable. By keeping your money in several “small plate” accounts, you can simplify a lot of problems. One of those problems? Frustrations with tracking expenses. In order to maintain small accounts, you’ll have to regularly move money from your cash flow account to your other accounts. That gives you an opportunity.

Keep It Consistent

You should move your money from your cash flow account to your other accounts on a consistent schedule. We recommend what we call the 10-25 model. That means you move your money on the 10th and 25th of each month. Make that the same day you pay your bills! This keeps the number of expenses you have to track small. It is easy to follow 15 days worth of expenses. Instead of a source of confusion and frustration, you’ll have an easy task you can do without slowing you down from tasks you should be doing anyway.

 

You’ve got this! 

 

Keep it small. Keep it consistent. And don’t let managing expenses frustrate you!

To watch my full video, click below!

We will be offering a lot of advice on our page here, but we also would be happy to help you out on a more personal level. Feel free to hit us up if you need help preparing your taxes.

 

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